What is meant by Stakeholder?
Those parties/companies who influence the performance of the company e.g. Shareholders, customers, suppliers, contractors, industry bodies, local and national governments, employees etc.
What is meant by Standard?
A document providing rules, guidelines or characteristics for activities or their results, aimed at the achievement of the optimum degree of order in a given text.
What is meant by Star Rate?
A new unit rate, agreed during the execution of a service contract, covering an activity for which no unit rate existed when the contract was awarded.
What is meant by Start Up?
The stage of commissioning when the plant is started to operate as designed. Those activities performed and documented to ensure the successful completion of the initial start up and process testing, by the introduction of hydrocarbons.
What is meant by Statistical Process?
A statistical technique such as control charts used to analyze a process or its output. It enables action to be taken when necessary to maintain or improve the capability of the process.
What is meant by Stock Assets?
Physical assets procured or constructed either to be (part of ) a Functional Asset, to be consumed as resources to fulfil a business purpose, or to be disposed of as waste.
What is meant by Strategies?
Framework for plans to achieve the objectives. Used as a screen for possible plans.
- Country Business Planning
- Group Planning publication PL 88 R03 SIPC
What is meant by Supplier?
Person or people delivering a product, service or advice.
What is meant by Targets?
Goals identified and agreed for the following year, subsequently used as basis for performance assessment.
- Country Business Planning
- Group Planning publication PL 88 R03 SIPC
What is meant by Tariff Rate?
Rate used for budgeting and costing purposes to allocate the costs incurred in the consumption of certain resources (e.g. staff, vehicles, warehousing, etc.) by activities on a number of different assets for the purpose of accountability.
What is meant by Task?
A work or job instruction necessary to carry-out part or all of the defined activity.
What is meant by Technical Integrity?
The technical integrity of a facility is achieved when, under specified operating conditions, there is no foreseeable risk of failure endangering safety of personnel, environment or asset value.
What is meant by Technical Specification?
The document that prescribes the requirements with which a product (or service) has to conform.
- ISO8402:1886
What is meant by Tender Board (TB)?
An independent management committee set up to authorize and monitor the placing and handling of contracts in the Company.
What is meant by Tenderbox?
The secure collection point to which bids or quotations are sent by tenderers in response to the Company’s enquiry or tender document.
What is meant by Terms Of Reference (TOR)?
A document that describes the work to be done, by whom it is to be done, to what standards and with milestone reviews and approvals.
What is meant by Term Price?
The declared price at which the recipient will be charged for products received under a Term Contract.
What is meant by Third Party Inspection?
Inspection by an agency independent of Owner of Contractor.
What is meant by Tollgating?
The process of regular review of R&D projects to approve further progress and release of funds. See also control point.
What is meant by Toolbox?
A series of processes, procedures, guidelines, checklists and peer assist workshops that support the Opportunity Realization Process and whose application will enable maximization of opportunity value.
What is meant by Trademark?
A distinctive mark such as the Shell pecten which helps promote the Group’s products.
What is meant by Turnkey (contract)?
A turnkey contract is a lump sum contract under which the Contractor designs, installs and delivers the facility ready for operation and is fully responsible for all aspects of the project.
What is meant by Use Factor?
The proportion of total time that an item is used to perform its required function. Utilization is reduced by scheduled and unscheduled down time and by standby time.
What is meant by Utilities?
Facilities or systems e.g. electricity, water, steam, etc. which serve process plant and/or infrastructure.
What is meant by Utilization?
The proportion of available running time that an item is used to perform its required function. Utilization is reduced by scheduled and unscheduled down time and by standby time.
What is meant by Validation?
Confirmation by examination and provision of objective evidence that the particular requirements for a specific intended use are fulfilled.
What is meant by Value?
Potential or realised benefit of an opportunity.
What is meant by Value Assurance Review?
Formal review carried out to provide assurance to management and shareholders that opportunity realization plans are robust in financial, environmental and societal terms.
What is meant by Value of Work Outstanding (vowo)?
The amount of work still required to be completed expressed in monetary terms.
What is meant by Value Of Work Done (vowd)?
The amount of work completed expressed in monetary terms. (May be more than current expenditure).
What is meant by Variation?
Formal change to a contract.
What is meant by Variety Control?
Type restriction and vendor selection; the selection of the optimum number of sizes or types of products, processes or services to meet prevailing needs.
What is meant by Vendor?
Equipment or materials supplier.
What is meant by Venture?
A part of the business managed separately within an Operating Company.
What is meant by Verification?
Confirmation by examination and provision of objective evidence that specified requirements have been fulfilled.
What is meant by Vision?
Articulation of what the company intends to “be” based on the identification of potential areas of profit and distinctive competencies it possess. Acts as a filter for corporate options.
- Country Business Planning
- Group Planning publication PL 88 R03 SIPC
What is meant by Volumes to Value (V2V)?
V2V is one of the Group’s four pillars “Realize the Limit” initiative. The V2V Team assists in identifying and ranking opportunities and developing strategies for maximizing the value of hydrocarbon resources.
What is meant by Work Breakdown?
The work divided up into System Groups, Systems, Equipment, Materials etc. as appropriate for the “Accuracy Class” of the estimate to be prepared. For each activity identified by the process, who will control it (single point responsibility) and what will be produced is detailed. The break down will be identified in line with data hierarchy in the cost database, and therein with the Cost Coding Manual for Project Budget Estimating.
What is meant by Work Instruction?
Document describing briefly and succinctly how an activity or task is to be properly executed. A Work Instruction can only exist where they support a procedure or activity description.
What is meant by Work Order (WO)?
A document used to initiate work by a source external to the company.
What is meant by Work Request?
A document used to initiate work by the company.
What is meant by Work Team?
Following article related to this article and must be read to understand all terms and abbreviations.
- Lecture#7 General Terms for Oil and Gas Engineers and Professionals
- Lecture#6 Offshore Oil and Gas Industry – Abbreviations and Acronyms
- Lecture#5 Oil and Gas Glossary of Terms
- Lecture#4 List of Abbreviations in oil and gas Exploration and Production
- Lecture#3 Oil and Gas Terms and Abbreviations
- Lecture#2 Terms Used in Oil and Gas Industry
- Lecture#1 Technical General Terms used in Plants, Oil & Gas Industry