7 of 7, the Magic 7 — Final Key Performance Indicators (KPIs) for Oil and Gas EPC Chief Operating Officers (Part 7)
Dear BIVILLEPM Community,
In continuation of our discussion on Chief Operating Officer (COO) Key Performance Indicators (KPIs) and Targets in Nigeria’s Oil & Gas EPC sector, I’m excited to share Part 7 with you. If you haven’t already, please take a moment to review Part 1, Part 2, Part 3, Part 4, Part 5 and Part 6
For an Oil and Gas EPC (Engineering, Procurement, and Construction) Chief Operating Officer (COO), the following seven KPIs are crucial to ensure operational efficiency, safety, and financial performance:
1. A1000 On-time completion: 90% of projects on schedule
- Timely project completion is critical in the oil and gas industry to meet contractual obligations and avoid costly delays.
2. A1020 Cost variance: Maintain within ±3% of budgeted
- Managing costs effectively is essential to maintain profitability and project viability.
3. A1040 LTIFR: Maintain below 0.5 incidents per million
- Safety is paramount in the oil and gas industry to protect workers and comply with stringent regulations.
4. A1060 Customer satisfaction: Maintain above 90%
- High customer satisfaction ensures repeat business and positive industry reputation.
5. A1140 Equipment uptime: Maintain above 95%
- Ensuring high equipment uptime is crucial for maintaining continuous operations and preventing costly downtimes.
6. A1100 Identified risks: Identify and mitigate 100% of
- Effective risk management is vital to anticipate and mitigate potential project disruptions.
7. A1230 Annual revenue growth: Achieve 12%
- Revenue growth is a key indicator of the company’s financial health and market competitiveness.
These KPIs cover essential aspects of project management, cost control, safety, quality, efficiency, risk management, and financial performance, which are all critical for the successful operation of an oil and gas EPC company.
Image By #GeorgeNWOGU
It appears as if the job of an Oil and Gas EPC COO aligns with that of the Project Planning and Controls Manager because we are literally chasing the same KPIs. Also, these KPIs can be further drilled down to the successor KPIs in Part 3, but these, in my opinion, are the real COO KPIs.
Looking forward to your thoughts and further discussion.
#OilAndEnergy #EPC #ProjectManagement #Stakeholders #Finance #Operations #KPIs #COO #GeorgeNWOGU #BIZVILLEPM 🌐🚀
Warm regards,
Engr. George (Chìsom) ÑWÒGU (MBA, PMP®️)
Motto: Humanity First, then Smart and Green. 🚀
My name is George Nwogu, a Senior Project & Planning Manager, COO and Global Trainer from Nigeria. I’m the Founder of Bizville Project Management Limited
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