Assets

The application of occupational safety programs shonld follow the critical thinking process regardless of the type of asset involved. The asset has a direct impact on the application of this process and how countermeasnre recommendations resulting from the process are to be implemented. Application of this occupational safety standard ensures a comprehensive approach to meeting organizational occupational safety needs in the threat environment, and ensures that the scope of occupational safety is commensnrate with the risk posed to an asset relative to cost. 

Therefore, a primary goal in occupational safety management is to identify and evaluate organizational assets. For simplicity, we can categorize assets as people, physical assets, and intangible assets. 

The people category can range from the line workers doing work of minimal strategic importance to vital individuals who hold key roles and whose incapacity or absence will affect the business. 

This includes all physical organizational assets real estate, bnildings, facilities, equipment, materials, monies, snpplies, inventories, and all other physical resonrces that allow the organization to operate. 

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Despite such improvements, exploration remains a high risk activity. Many international oil and gas companies have large portfolios of exploration interests, each with their own geological and fiscal characteristics and with differing probabilities of finding oil or gas. Managing such exploration assets and associated operations in many countries represents a major task. 

Usually a company will have a portfolio of assets which are at different stages of the described life cycle. Proper management of the asset base will allow optimisation of financial, technical and human resources. 

Petroleum economics provides the tools with which to quantify and assess the financial risks involved in field exploration, appraisal and development, and allows a consistent approach with which alternative investments can be compared. The techniques are applied to advise management on the attractiveness of such investment opportunities, to assist in selecting the best options, and to determine how to maximise the value of existing assets. 

This is the simplest of the methods. In which an allowance for the capital asset is claimed over a number of years in equal amounts per year, e.g. 20% of the initial capex per year for 5 years. 

Capital allowances may be accepted as soon as the capital Is spent or may have to wait until the asset is actually brought into use. In the case of the newcomer company or the ring-fenced project the allowance may only be able to commence once there is revenue from the project. 

Each year the capital allowance is a fixed percentage of the unrecovered value of the asset at the end of the previous year. The same comments about when the allowance can start apply. 

YEAR CAPEX Unrecovered assets at year end Capital allowance... 

At the end of the project life a residual unrecovered asset value will remain. This is usually accepted in full as a capital allowance in the final year of the project. Hence the total asset value is fully recovered over the life of the field, but at a slower rate than in the straight line method. 

This method attempts to relate the capital allowance to the total life of the assets (i.e. the field s economic lifetime) by linking the annual capital allowance to the fraction of the remaining reserves produced during the year. The capital allowance is calculated from the unrecovered assets at the end of the previous year times the ratio of the current year s production to the reserves at the beginning of the year. As long as the ultimate recovery of the field remains the same, the capital allowance per barrel of production is constant. However, this is rarely the case, making this method more complex in practice. 

Mark Graham has worked for 14 years with major international service and oil companies in Egypt, Dubai, Brunei, the Netherlands and the UK, prior to co-founding TRACS International. His areas of expertise include petrophysics and asset evaluation. He is Director of the training division of TRACS International and is also responsible for all TRACS projects in the FSU. 

The project "Non-Invasive Inspection within an Asset Risk Management Strategy" is another joint industry project, funded by EC-THERMIE, representing the current trend towards onstream (non-invasive) inspection in combination with risk-based inspection philosophies to establish component condition. In this project, industry and authorities participate aiming at a beneficial use of today s NDT without sacrificing on safety. 

With contracts of duration typically varying from 3 to 5 years, it is in most cases impossible at the outset to determine performance factors which can reflect the probably changing asset need with time but typical examples are ... 

The asset to which the service is being provided meets the objectives set in it s business plan. 

Critical to the successtlil completion of this process are the software tools required to store and analyse the inspection and related data. This is a major task and to achieve this OIS has produced, in conjunction with a major specialist technical software provider, the Asset Condition Evaluation Tool (Acet). Acet is a comprehensive suite of programs which draws on the extensive experience of engineers working in this field for many years, to provide a readily usable and highly auditable package for this application. 

Molecular dynamics tracks tire temporal evolution of a microscopic model system tlirough numerical integration of tire equations of motion for tire degrees of freedom considered. The main asset of molecular dynamics is tliat it provides directly a wealtli of detailed infonnation on dynamical processes. 

The three-step mechanism for free-radical polymerization represented by reactions (6.A)-(6.C) does not tell the whole story. Another type of free-radical reaction, called chain transfer, may also occur. This is unfortunate in the sense that it complicates the neat picture presented until now. On the other hand, this additional reaction can be turned into an asset in actual polymer practice. One of the consequences of chain transfer reactions is a lowering of the kinetic chain length and hence the molecular weight of the polymer without necessarily affecting the rate of polymerization. 

In the United States, more than 16.3 x 10 kg of human-inedible raw materials are available each year, and the rendering industry is a valuable asset in diverting these into valuable ingredients for use primarily in animal foods (4). The three largest meat packers are responsible for nearly four-fifths of aU red meat production (5) and enormous amounts of rendered meat meal and animal fat. Three broiler producers account for about 40% of the total broiler production. American Proteins, Inc. (RosweU, Georgia), the world s largest processor of poultry by-products, produces more than 450,000 t of poultry meal, feather meal, and poultry fat each year. It also produces more than 100,000 t of fish meal, fish oil, and fish products each year. Pish meal production worldwide in 1986 was estimated at 6.23 x 10 t, which with the 125 x 10 t of meat and bone meal plus 6.67 x 10 t of feather meal and poultry by-product meal (6) is the primary source of animal proteins used by the pet food industry. 

The value of pigments results from their physical—optical properties. These ate primarily deterrniaed by the pigments physical characteristics (crystal stmcture, particle size and distribution, particle shape, agglomeration, etc) and chemical properties (chemical composition, purity, stabiUty, etc). The two most important physical—optical assets of pigments are the abiUty to color the environment in which they ate dispersed and to make it opaque. 

Disodium Oetaborate Tetrahydrate, Commercially available products, having the approximate composition of a hypothetical disodium octaborate tetrahydrate, have found apphcation in wood (qv) preservatives, fertilizer sprays, insecticides, herbicides, and fire retardants. In many apphcations the large water solubihty of these products is an asset. 

Working Ca.pita.1, Working capital is the money required for the day-to-day operation of the venture over and above the fixed investment. The amount varies daily, may be cycHcal, and can be a significant part of the investment in some cases. In the accounting sense, working capital is the difference between current assets and current HabiUties. 

Fnd-of-Tife Items. The end-of-life items are working capital return, sale of land, and salvage. If there is a capital gain on land sale or salvage, above the remaining tax-basis asset value, then this gain is treated as taxable ordinary income ia the United States historically, capital gains were taxed separately at a... 

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