The cost of oil has fallen upon a recovery arc which has generated a robust growth in its demand. Established activities across oil and gas fields have caused the deployment of new early production units. Similarly, reinstating of fully-fledged production units have generated an increase in the existing number of EPFs. Limited capital budgets have encouraged oil and gas companies into investing in early production facility units as opposed to central production facilities. Furthermore, EPFs can generate early monetization while the permanent facilities remain under-development, curating a reservoir budget for future developmental activities. Such temporary production units warrant aggregation of real time production data enabling faster monetization of assets. The volatile cost of oil has in turn increased the production of gas contributing as well to an expansion in the early production facility market.
Global Increase in Adoption of EPFs to Become a Cause of Anticipated Market Expansion
By component type, the market is classified as two-phase separation and three-phase separation, gas dehydration, gas sweetening, oil dehydration desalting plus heating, flare system, fuel gas processing, produced water treatment, among others. On the basis of component-type, it is anticipated that a major market share will be occupied by the two and three phase separation segments. By application type, the market is classified as offshore and onshore. Large-scale establishment of early production facilities inside of country perimeters is anticipated to bode well for the onshore segment.
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An important factor facilitating robust growth across the early production facility market is the development of enhanced drilling technologies. Production facilities drill horizontal wells in order to enhance crude oil production to meet its pressing demand. Horizontal drilling is beneficial for both conventional and non-conventional reservoirs. Similarly, multilateral frilling corresponds vertically and horizontally scattered laterals that take crude oil and gas production to full efficiency. Some more freshly-developed drilling technologies include extended reach drilling and automated drilling. These technologies, when used in EPFs, can take production and cost-reduction to new highs, substantially making the market for early production facility units a hub for investors.
North America Foreseen to Dominate Market for EPFs with Increased Investment in Advanced Technologies
Countries in North America have begun investing in advanced digital technologies including artificial intelligence, sensors, internet of things, cloud computing, and analytics to better manage the production process. The region has also undergone major technological advancements, especially in the department of drilling techniques. The above factors, coupled with the rapid development of offshore and onshore hydrocarbon fields, have enabled North America to emerge as the dominant regional segment. In the Middle Eastern region, industry members are consciously increasing their investments in EPFs with regard to an increased efficiency in performance and evident reduction in production time and cost.
Collaborations with Digital Solution Providers Set to Give Key Players an Edge over Competitors
In 2019, Penspen, a prominent name in the energy industry established a new threshold by collaborating with the digital solution provider, integrity and asset risk management company, Ankaa Consulting. This has paved the way for change in the orthodox crude oil and gas production industries as increasing number of competing companies invest in EPFs. Other key players include Global Process Systems, OilSERV, CPPE, Petrocil, Schlumberger, Weatherford International, Expro Group, and Roska DBO.
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Accelerate the time to first oil and gasBegin production early while full field development is being planned and permanent facilities are being built.
Early-production systems help operators bring their new discoveries onstream fast.
Schlumberger has designed and installed modular, fit-for-purpose systems worldwide for more than 30 years and to date has completed approximately 70 projects.Early production systems and fast-track schedules can create an early cash flow for operators with only a minimum cash outlay.
They also provide real-time production data for appraising reservoir performance before more-expensive long-term facilities are installed.
In addition, early production systems are ideal for small reserves that would be financially risky or uneconomical to produce with a permanent production facility.Production servicesAn extensive range of production services is available, based on the early production system business model selected: - Fast-track early production and interim plants and systems - Hydrocarbon liquids recovery and dewpoint control plants - Gas storage leaching facilities - CO2 and H2S removal - Multiphase pumping - Optimization of existing production facilities *All necessary support systems (power generation, controls, monitoring and detection, and operation camps)Flexible business modelsSchlumberger offers a variety of commercial business models for early production systems that afford customers the flexibility to maximize their return on investment: - Build—Own—Operate (equipment rental plus operation) - Build—Own—Operate—Transfer (equipment rental plus operation with the option to purchase)https://www.gmsthailand.com/product/early-production-systems/
Employee provident fund- EPF form31
EPF Form 31 also known as ‘advance form’ is an application form that must be filled by an employee who wishes to withdraw funds partially from their EPF account.
Some fields must be filled by the employee and the rest by the employer and the EPF commissioner.
Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service.
The EPF form contains the following fields that must be mandatorily filled by an employee as per rules of the employee provident fund scheme 1952.
Father name/husband’s name (in case of married woman)
Read More https://indianmoney.com/articles/epf-form-31
In this, employer and employee both contribute a certain percentage of employee’s salary and employee gets lump sum amount of both contribution (employer and employee) at retirement along with interest.EPF RegistrationAll Organizations, whether Government or Non-Government can obtain EPF Registration.
EPF Registration online is mandatory for the organization/ establishments as follow:-If it is a factory or any organization or establishment engaged in any industry having 20 or more employees.Class of establishments which is notified by central government.Registration must be obtain within 1 month of employing more than 20 employees.
If Central Government make it compulsory for class of establishments then it will provide a not less than two month notice to register at EPF.Employer or majority of employees can themselves apply to Central PF Commissioner for register under EPF provision.
The Central PF Commissioner will pass notification in the Official Gazette and the provision will be apply to such establishment from the date of such agreement or any subsequent date as agreed.Documents Required by Other Entities:-First sale and Purchase BillGST Registration CertificateBank detailsSalary details of employeesBalance sheet detailsAll legal documents which might be required under the Income tax act.Fill up details of employees – total employee strength, Gender, Type of Activities, Wages above limit, Total Wages.The type of the business undertaken by the organizationLegal details – This includes the legal status of a companyMention date of incorporation/registration of the company and Partition deed, if any.In case of factory then factory license, date of license, place of issue.If the establishment is an MSME then MSME registration details to be provided.Email id, phone numbers of employees.Branch and Divisions details.Steps for EPF RegistrationStep 1: Visit the site of “EPFO”, Employee Provident Fund Organization and click on “Establishment Registration”.Step 2: Next you can take help of “INSTRUCTION MANUAL” available on the page.
Or Click on the “Sign-up” button.Step 3: Fill in the details asked like Name, Email, Mobile Number, and Verification Code.
Further click on the option of “Registration for EPIO-ESIC”.
Employment Provident Fund is created with an intention to help private sector employees to save a fraction of their monthly salary.
And this savings will be helpful for the employees in the event of employee’s termination or if the employee is no longer fit to work or after their retirement.
Apart from these, you also need to provide the KYC details including:
For instance, if the monthly salary is Rs 20,000, the contribution from employee towards his or her EPF would be Rs 2,600/month i.e.
To withdraw money from EPF account, employees can now make use of UAN based Form 19.
This facility is available to all those employers whose UAN is activated and verified with KYC details including Aadhar card number, and bank account number.
