The oil and gas (O&G) industry is facing numerous challenges, including fluctuating oil prices, increasing regulatory pressures, and a growing demand for cleaner energy sources. To remain competitive and maximize value creation, companies must adopt customized and flexible approaches to their offshore operations and think of new solutions to solve tomorrow’s challenges.
Examining the concept and implications of an Asset Partner reveals various opportunities and challenges for both operator- and service companies. In recent years, operational partnerships have emerged as a strategic solution for companies aiming to optimize their operations, minimize risks, and enhance their competitive edge.
The Norwegian Continental Shelf (NCS) presents a unique operating environment, combining harsh climatic conditions, advanced technologies, and stringent safety and environmental standards. Operating in this challenging environment requires specialized knowledge, strong regulatory compliance, and a commitment to sustainable practices. By forming alliances with third-party service providers, O&G companies can leverage external expertise, share risks, and pool resources to achieve common objectives.
While partnerships offer several benefits, there are also notable challenges in the collaboration between operator companies and oil service companies on the NCS. This thesis will examine various perspectives, including those of operator companies that typically manage their assets independently, as well as the viewpoints of oil service companies, trade unions, and governmental authorities.
The thesis aims to investigate the following research questions:
1. What are the benefits and challenges of implementing an "Asset Partner" model in the Oil and Gas (O&G) industry, and how can it be used to increase competitiveness in the market?
2. How do regulations and authorities, such as the Petroleum Safety Authority (PSA) impact the implementation and success of the "Asset Partner" model in the O&G industry?
3. How does the "Asset Partner" model compare to traditional contractor and partnership models such as Technical Service Provider (TSP) model.
4. What are the specific business models and strategies that can be used to effectively implement the "Asset Partner" model in the O&G industry?
A case study was conducted, involving data collection through interviews with professionals representing various roles in the industry. These included individuals from operator companies, oil service companies, trade unions, and government or regulatory authorities. The insights gathered from their responses have served as the base for addressing the research questions.
The study reveals the complications and aspects related to the Asset Partner model. It provides a comprehensive understanding of the opportunities, challenges, and potential future implications of this model from the perspectives of operator companies, trade unions, oil service companies, and governmental authorities.
It reveals that the Asset Partner model in the O&G industry offers the potential of significant benefits, including increased efficiency, cost savings, and access to specialized resources I terms of competence and capacity. However, challenges such as the loss of control over critical activities and potential erosion of core competencies must be carefully managed. The green transition and technological advancements can also have an impact in the future of the Asset Partner model in the future, emphasizing the need for regulatory adjustments for its sustainable implementation and alignment with environmental goals.
To effectively implement the Asset Partner model, clear contractual agreements, open communication, performance monitoring, risk management, and competence development are essential. The research suggests a need for further research and collaboration among stakeholders to develop best practices, guidelines, and regulatory frameworks for the successful operation of the Asset Partner model in the O&G industry
