Role Of Procurement In Supporting Business Needs In Oil & Gas Assignment Sample

1. Introduction: Procurement Impact on Private Sector Manufacturing

Procurement is articulated as the strategic process that is concerned with acquirement of goods and services specifically for business purpose. Procurement Quality Management System [PQMS] refers to the code of conduct which ensures that products and services which have been acquired by business are meeting specification and standards (Zhou et al, 2023). It plays major role in performing seamless operations within an organization. Further, procurement assures that, all the essential resources are available within the business; it has been proven highly significant for varied industries as without allocation of resources companies are not able to perform their operations. It is considered as one of the crucial components in business that contributes to the success of organization.

The report will be specifically based on Private sector manufacturing company that deals in Oil and Gas Sector; significant focus would be implied on petroleum industry in order to understand the role of procurement. The role of this company in oil and gas sector is to producing and transmission of natural gas. This sector plays major role in energy transition while undertaking varied operational practices; in order to perform operations effectual procurement strategy is needed so business can achieve commercial and strategic objectives. For instance, coal (27%), natural gas (24%), hydropower (6%), renewable (5%), and nuclear power (4%), these are the percentage of energy transition undertaken by oil and gas sector in UK. (Oil and gas sector, 2023). The assignment will emphasize on role of procurement, process and supplier contract management while making reference to Chartered Institute of Procurement & Supply.

2. The Role Of Procurement

Procurement is outlined as one of the vital business functions that encompass range of practices which are considered as highly essential for organizations. The main motive of the procurement is to gain competitive price from suppliers and delivering effectual values to consumers. The process plays most important role in assisting business commercial [Involves- Cost & Quality] and corporate social responsibilities (Sukhawatthanakun et al, 2023). In every sector procurement plays specific role in terms of earning greater profitability however, in oil and gas industry the part played by procurement is one of the topmost factors that contribute in gaining success within reducing the cost of operations and while promoting sustainability (Oil and gas sector, 2023). Procurement within petroleum industry explicated as administrative practices of purchasing, receiving and compensating for goods and services.

It is crucial component in terms of maintaining efficiency of the business. It has been found from the secondary sources that, oil and gas sector cannot undertake operational activities without procurement process. Private manufacturing companies that deal in petroleum sector are highly dependent on procurement functions. It is a critical aspect in oil and gas sector due to the complexity of cost and risk associates within sourcing of the raw materials (Qazi and Appolloni, 2022). Organizations need to allocate high quality inputs at competitive prices while complying with rules and regulation. This lead to assure the on-going maintenance and support to oil and gas companies so that their operations can be performed in smooth manner. Below mentioned points are efficient enough in proving the role of procurement in petroleum industry-

Assist in category management

In oil and gas industry, procurement department undertakes its operations while determining different categories. The category management is determined as strategic approach that helps in procuring goods and services; there are varied types of inputs required in the oil and gas industry such as- crude oil, natural gas, hydrocarbons and etc (Nikolaevna and Aleksandrovich, 2021). Procurement in oil and gas sector assist in determining the types of inputs needed and accordingly these raw materials are being categorised. In this manner time and cost can be saved that led to enhance the efficiency of the business in oil and gas sector. When the requirement of input is clear then, their cost management can be done easily.

Adds value through outsourcing

The outsourcing in procurement provides significant cost saving opportunities for petroleum sector. For instance- Vedanta Resource Ltd in UK is one of the topmost private manufacturing company deals in oil and gas sector, organization has adopted transactional strategy of outsourcing procedure that enable company to undertake cost analysis so they can take measures in relation to reducing cost (Oil and gas sector, 2023). Furthermore, with the help of this organisation in oil and gas sector can adopt sustainable procurement strategy through which business become able to achieve their corporate social responsibility (Gambal, Asatiani and Kotlarsky, 2022). Thus, it could be said that reduction in cost results in achieving higher profitability and performing sustainable practices supports in achieving environmental objectives.

Transaction cost analysis

Procurement assists in cost analysis in oil and gas industry, it focuses on adding total cost of product and services within including, labour, overhead, raw materials risk and revenue. Accordingly, prices for products and services are being set and it has been determined whether trades are being arranged in favourable prices or not. Also, by maintaining good relationship with supplier, cost can be reduced that lead to allocation of input at affordable price in oil and gas sector (Oil and gas sector, 2023).

Identify and minimise supply risk

Procurement plays important role in witnessing and reducing risk related to supply'; there are different strategic tool that is used by procurement and supply chain experts for decreasing the risk. It helps in reducing the excess cost in the business so that organization can maintain their cost of operations (Nani and Ali, 2020). Hence, this could be said that, procurement helps in decreasing the risk related to supply chain in oil and gas sector which is considered as important to manage the procurement process. Kraljic Matrix is determined as one of the effective strategic tools used by supply chain experts for minimising risk and this mainly involves-

Non-critical items

These products are comprised with low risk and they have minimum impact on the profitability of business (Lorentz et al, 2021). It involves- office supplies and therefore, there is no need to implement any specific strategy for this type of items. By categorising non-critical items in oil and gas sector this can be identified what are the areas where less focus is required. Accordingly, organization does not need to provide their time in such areas and they can save their time (Oil and gas sector, 2023).

Leverage items

It comprised with the items that have high financial risk however, lesser supply risk. The impact on profit is high thereupon; oil and gas sector need to focus on this area. It aligns with cost related risk which creates negative impact on the profitability of business (Lenarčič and Faganel, 2021). The time must be invested in this context so oil and gas sector can reduce their financial risk which impact profitability.

Bottleneck items

In this, risk related to supply is high and there is slight impact on the profit of the oil and gas sector (Özkan, Azizi and Haass, 2021). The oil and gas sector can identify issues related to poor forecasting and accordingly actions can be taken.

Strategic items

This led to create major impact on profitability and lesser influence on supply chain; such as- product equipment and automation software. These are crucial for oil and gas sector in implementing procurement strategy. Thus, it is essential that organization focuses on these items so negative impact can be reduced. Hence, this can be said that, business within oil and gas sector needs to imply appropriate focus on these items and strategies must be implemented so financial risk can be managed.

Helps in meeting requirement

The outsourcing process in oil and gas sector supports in meeting criteria and this can be understood with the application of Maslow's Hierarchy of Needs.

Self-Actualization

This is the top of hierarchy; consumers have their own desires that business needs to full-filled. The process of procurement starts from identifying the requirements of customers and this is done with the help of outsourcing. In petroleum sector, more emphasize is made on hiring experts so they can undertake outsourcing practices and accordingly wants of the customers can be identified (Oil and gas sector, 2023). Hence, organization can identify the requirements of customer with the help of research and development team and on the basis of needs order to suppliers must be given so that inputs can be allocated and procurement process can be undertaken in oil and gas sector.

Esteem and belonging needs

In order to undertake effectual procurement strategy, it is important to imply effective relationship with the suppliers so that wider number of contractors can be approached and accordingly raw materials can be acquired (Fazekas and Blum, 2021). The relationship with suppliers can be enhanced while developing trust with them and making interaction on regular basis. Furthermore, terms and conditions of vendors also needs to be considered. Thus, before undertaking trade agreement in oil and gas sector one's must have self-confidence so contract can be implemented within having mutual trust (Oil and gas sector, 2023).

Physiological Needs and Safety

This is the top of the pyramid; however, for getting here, it is essential to feel safe. Therefore, oil and gas sector emphasizes on undertaking procurement deal within considering KPI. It helps in witnessing whether targets are achieved or not (Kaviani et al, 2020). Before starting deal it needs to be confirmed that whether suppliers and buyers are feeling safe and this can be done while having face to face conversation with them. This is the major aspect which needs to be taken in consideration in order to get effectual outcomes.

Maslow hierarchy needs in procurement process assist in undertaking deals within implementing effective relations which are essential for business so that higher profitability can be gained. There are so many organizations who just blame each other when agreement does not go in smooth manner. However, it is the accountability of organization to implement specific relation with suppliers while focusing on their needs. Petroleum sector is highly dependent on suppliers and therefore, they consider their needs so acquisition of materials can be done in effective manner and accordingly products delivered to the customer. By considering the needs of suppliers their trust can be shaped and cost-effective agreement can be implemented (Oil and gas sector, 2023)

3. The Procurement Process

The process is comprised with purchasing requisition, selecting suppliers, ordering process, inspection of the goods and making payment. It is important to assure keen focus on each stage so that trade agreement can finalize (Engelseth et al, 2020). Oil and gas industry specifically focuses on this and accordingly appropriate decisions are being taken in consideration. Below mentioned is the explanation of stages performed by industry with respect to their procurement process.

3.1 The Specification Stage

Development Of Contract Specification

Company in oil and gas sector highly depends upon raw materials to undertake their operation and therefore, specifications are made before undertaking contract. It involves the needs and requirements; detailed description of the type of goods and services needed has been mentioned in the specification (Jain et al, 2020). It sets the standard and accordingly business works towards this. The contract specification involves-

Planning And Analysis

Firstly, organization implement plans related to the requirements of good and services that would be needed in order to perform operational practices.

Writing Specification

Afterwards, specification has been written as per the planning and further cross-checked. It helps in assuring that all the information included in specific manner (Piya et al, 2020).

Approval

In this stage approval from the top administrative needs to be taken.

Issuing Specification

The specification is finally issued at this stage so that supplier sourcing and selection can be done accordingly (Shou et al, 2021).

Revising Specification

This is the last stage in which specification revised, in case any changes needs to be implemented then, it is applied in this stage.

Inclusion Of Ethical, Environmental And Quality Dimensions

The specification must follow all ethical and environmental guidelines so it can lead to assure higher quality. In petroleum sector, it is important to follow net zero practices so negative impact on environment could be reduced. Ethical procurement policies assist while sourcing and establishing supplies within following fair practices (Heckman, 2020). In current era, providing high quality services and products is not enough to gain profitability, however, code of conduct plays specific role in this area that is important to take in consideration while making specification. Thus, petroleum industry focuses on approaching such inputs that reduces negative impact on environment and accordingly specification prepared.

Following Iso Standards

ISO 20400 is specifically for procurement, it provides appropriate guidelines related to undertaking the practices of sustainable procurement (CIPS, 2023). Oil and gas sector needs to assure keen focus on this area and therefore, they focus on following ISO standards so they can improve their environmental, economic and social sustainability (Tripathi and Gupta, 2020). With the help of this, organization manages the process in sustainable and fair manner.

Thus, the above mentioned are the topmost aspects that must be taken in consideration by oil and gas sector while designing specification as this enable in performing procurement process in ethical and sustainable manner. Thereupon, significant focus is required on this area.

3.2 Supplier Souring And Selection

Evaluation Of Supplier Selection And Sourcing

Supplier evaluation refers to assessing varied parameters which impacts effectiveness and efficiency of procurement process. In this step, organization asses' different suppliers and accordingly potential suppliers are being approached. The qualitative and quantitative assessment has been undertaken so best suppliers can be selected. Sourcing involves identification of the purveyors and undertaking their selection (Scherz et al, 2022). Afterwards, engagement with contractor has been done and effective relationship implemented. This helps in developing interaction with the suppliers in significant manner that is essential for buying goods and services. Thus, this identification and assessment is the prior steps when it comes to approaching suppliers and this is important to develop specific focus on this stage so that relationship with suppliers can be implemented.

Supplier Selection Matrix

After evaluation of the contractors, supplier selection matrix is used by oil and gas industry so they can compare and evaluate varied suppliers in against of the criteria set. This provides specific support in identifying the appropriate contractors and further helps in reducing risk related to cost. In order to undertake specific decision related to gathering raw materials it is essential to interact with those suppliers who provide inputs at low cost along with maintaining fair practices (Jahani et al, 2021). This enables business in terms of performing operational practices in significant manner while reducing the cost of operation. Therefore, using supplier selection matrix is essential.

Assessing Environment

Ethical and environmental factors are determined as highly crucial in today's era as it directly impacts the practices of company and thereupon, specific focus needs to be made on this. The procurement process involves assessing the dedication of contractors towards undertaking ethical practices which comprised with sustainability (Rane and Thakker, 2020). It needs to be aligned with the operational practices of company so effectual image in the market can be implemented. Hence, in similar manner oil and gas organization assesses the environment and accordingly selection of supplier is done. As a result, all the responsibilities are being performed in specific manner.

3.3 The Procurement Contract

Procurement contract is an agreement between seller and buyer which involves all mandatory information along with terms and conditions related to trade. Before buying products from supplier, this contract is prepared.

Type Of Contract

There are mainly three types of procurement agreement and that are-

Fixed Price Contract

In this agreement everything is clearly set and there is no changes have been made in relation to the price of goods and services (Bag et al, 2020). It outlines every aspect that is exactly needs to be performed by seller. Petroleum sector mainly prepares this contract so there is would be no development of any type of confusion.

Cost-Reimbursable Contract

In this type of agreement, final pricing is determined after analysing all the costs incurred in the process.

Time And Material Contract

Under this document, organization gets ready to pay supplier for the costs and materials which are needed to perform the task (Seyedghorban et al, 2020). However, this is widely accepted in construction industry and very few companies in oil and gas sector prefers this agreement.

Terms And Conditions Of Contract

The terms and conditions are the set of beliefs on-to which agreement is prepared, it is important that both the party agrees on this. The major terms and conditions which are involved in contract are comprised with- time, date, pricing, materials required, penalties, consequences related to fraud and etc. Seller and buyer read all the terms and condition afterwards, contract comes into an existence (Alsamarraie et al, 2023). Petroleum industry works upon terms and conditions as the resources required in this sector are limited in nature hence, inclusion of sustainable and ethical practices in contract is essential.

Contract Negotiation

Contract negotiation finally takes place when both the party agrees with the terms mentioned in the contract (Giuffrida et al, 2022). Negotiation happens when sellers and buyers two of these experience financial gains.

Thus, the procurement contract goes through certain stages, firstly type of contract is being decided, in case of petroleum sector, fixed price agreement is made and then terms and conditions are mentioned. Afterwards contract gets signed by supplier and organization.

4. Supplier/Contract Management

Contract management is essential in order to identify errors, proper supervision helps in witnessing the threats that can lead to create negative impact in procurement process. Oil and gas industry monitors supplier performance and undertake procurement risk management in order to manage the contract.

4.1 Monitoring Supplier Performance

The supplier performance in petroleum industry are monitored within using-

Key Performance Indicators

The main key performance indicators are:

Number of suppliers

The procurement team tracks the number of supplier approached by organisation. There might be possibility of last minute cancellation by vendors and this lead to create negative impact on business (Wang et al, 2021). Thus, by monitoring number of supplier proper focus on the cancellation rate can be made.

Supplier Lead Time

This is determined as the time elapse between vendors confirms order and delivers it. The lower lead times are considered as idea. This KPI helps in witnessing the time period in case, any delivery takes more time then, follow up with supplier is created.

Supplier Compliance Rate

The compliance with organization policy by supplier strengthens the relationship between company and vendors. This KPI helps in developing insights related to the performance of supplier. In order to measure this metrics, ratio of disputed invoice to total invoice is calculated.

Supplier Defect Rate

Vendors create major influence on quality and cost, this KPI assist in evaluation of the quality of suppliers and final quality of the product which has been supplied (Merckx and Chaturvedi, 2020). With the help of this, defective goods can be inspected and accordingly manufacturing process in oil and gas sector has been undertaken.

Service Level Agreement [SLA]

This determines about the level of the service expected by organization from supplier. With the help of metrics, services are being measured along with the remedies and penalties. For instance- Tullow Oil Plc prepares SLA and all the standards that need to be met are mentioned in this so vendors can get appropriate guidance in this area and they can provide raw materials (Kohler and Dimancesco, 2020). There are three types of options available for structuring SLA and that are- service based customer based and multi-level. Oil and gas industry prefer service-based SLA so that high quality inputs can be allocated by the organization.

Quality Management

Supplier quality management is one of the important activities in petroleum industry as it depends upon vendors for goods and services. Therefore, it is essential that, organization must get quality raw materials so they can become able to assure quality outcomes to customer. The aim of quality management aims to support companies in terms of achieving higher level of product superiority at affordable price. With the help of supplier quality management system, organization cross checks the products and afterwards use them.

4.2 Procurement Risk Management

Procurement risk management supports in managing the risk, challenges and failure which can lead to impact supply chain procedure. In oil and gas sector, hazard management is done within identifying the sources of risk, undertaking assessment matrix, strategies and preparing risk register.

Sources of Risk

Corruption, bribery, fraud, price, performance and contractual risk are the topmost sources of risk that has complete potential in terms of impacting the procurement process. In petroleum sector, major threat is related to price and contractual risk. Variation in price results in increasing the cost of operation which further increases the prices of products (Tay et al, 2021). Thus, there is no doubt in stating that, this is the topmost risk which needs to be focused out. On the other hand, contractual risk is explicated as that risk which occurs from not following the terms and conditions mentioned in the contract.

Risk Assessment Matrix

Purchasing risk matrix is determined as the most effective tool which assists in focusing on the risk that are involved while buying goods from different vendors. It helps in avoiding delays arise due to cost, quality issues or any legal problems (Andhov, 2021). Thus, oil and gas sector uses this risk assessment matrix in order to witness the threat related to quality, cost and legal matters. Another one is value risk matrix; it supports in analysing the risk associated with contract while sourcing goods and services. Hence, it assists in managing contractual risk that lead to create impact on the operations of business sin negative manner.

Risk Management Strategies

Identification Of Risk

The first step is to identify the type of risks along with the extent up-to which this can lead to develop impact on procurement process (Andhov, 2021). For reference- contract and price related risks creates major barriers in oil and gas sector.

Assessment

The next step is to assess the risk so this can be identified whether these challenges can be solved or not.

Treatment

The treatment process involves the ways in which risk can be mitigated and those are-

• Insurance: It helps in mitigating risk associated with loss or theft of goods. Therefore, it is essential to undertake the indemnity of the goods that have been purchased.
• Financial hedging: This supports in managing the risk related to price variation within using financial derivative in order to offset prices movement (Andhov, 2021). Hence, this is one of the important strategies used by company in order to manage the price related risk.

Reporting

The next step is to undertaking reporting along with monitoring the risk strategies, it supports in witnessing errors so corrective measure could be taken.

Communication

This is the last stage and under this communication regarding risk management and its outcome should be done with procurement team so this could be known whether strategies has assured desired results or not

Risk Register

Petroleum sector uses risk register in order to ménage and categorise risk. There are 4Ts of risk management and that are-

Tolerate

This refers to accepting the outcome of risk, when there is no measure works in against of the risk then, it needs to be tolerated.

Terminate

It involves ignoring the method for dealing with the challenges, under this company alters risk process. The practices which lead to create risk are terminated in this, for instance- suppliers who charge higher costs are terminated (Heinis et al, 2022). In this manner, hazard related to cost is maintained.

Treat

Those risks which are treatable such as loss of goods and high prices are part of this. This is being treated with the help of insurance and financial hedging.

Transfer

The impact of risk is shifted to third party within including the ownership (Heinis et al, 2022). However, in oil and gas sector, it is not possible to transfer the risk, organization depends upon procurement process for their operations and therefore, they are accountable for managing risk.

Conclusion And Recommendations

Conclusively; this could be said that, procurement process is considered as highly essential in business. It is one of the most crucial factors that supports in identification of the goods and services which are required in order to undertake the operational practices of business. Procurement plays major role in quality management of the resources so that organization can become able to achieve success. The report has reflected upon the role of procurement in oil and gas sector, this industry depends upon suppliers in terms of allocating raw materials so products and services can be developed. It has been found that, the whole process needs to be comprised with ethics along with prioritising the environmental concern. Furthermore, procurement procedure and supplier contract management has been described in the report. Here are the major recommendations related to procumbent process for petroleum industry-

Internal Need Analysis

Organization should undertake internal need analysis as this helps in witnessing the exact requirements.

Vendor Sourcing

Supplier selection is the crucial process and therefore, appropriate focus needs to be implied on this area (Dixit, 2022). Proper investigation related to vendors should be done as it helps in gaining insights related to selecting suppliers.

Selecting Accurate Digital Procurement Tool

The procurement tool must be used as per the specification of industry (Dixit, 2022). Pipefy and Coupa are most appropriate when it comes to oil and gas sector.

Monitoring

Cross-checking each step assists in finding errors which might lead to develop negative impact on the organization.

References

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Online

• CIPS, 2023. Online. Available through: < https://www.cips.org/ >
• Oil and gas sector, 2023 Online. Available through: < https://www.ukeiti.org/oil-gas>