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Product Innovation - Assignment Example

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From this paper, it is clear that flanges are the most essential mechanical component or part that is being used exclusively in large numbers during a drilling process and even in the production phase of an oil and gas. This product innovation is majorly concerned with the product market…
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Product Innovation
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Download file to see previous pages Producing oil and gas, which has become the major basic commodity of the modern world since all vehicles, transport and heavy machinery need this commodity to run their activities. Consequently, the production of oil and gas is continuous necessitating the presence of all types of equipment needed for production including the smaller fraction of it that is the assembly of flanges required in Christmas tree and wellhead pieces of equipment for controlling the flow of production from oil and gas well. (William C. Lyons & Gary J Plisga, 2005)
As for the potential in the global market is concerned, if only Saudia-Arab and Kuwait are considered then the official report of Organization of Petroleum Exporting Countries (2010-11) reveals the fact that there is huge declared potential still left in both the countries and it is well enumerated as 264.5 billion barrels in Saudia Arabia and 101.5 billion barrels in Kuwait alone in the year 2010. In the past 18 years, Saudia Arabia has only utilized 60 billion barrels and the report regarding Kuwait declared reserves is unchanged from the year 1991 to 2002. Therefore there is the huge amount of work that can be done to produce oil and gas. Definitely, there is huge capacity left for the servicing and manufacturing firms for the assembly of flanges.
Now in this mechanical assembly of flanges, it has two components with the related assembly; the product specification will spotlight for process and material selection for the manufacturing of the two products. These two components are flange and ring gasket. These are mechanically utilized in wellhead types of equipment. The sizes and dimensions are actually defined by the customer and the type and size of wellhead equipment used. This means that Exploration and Production Company will itself inform the product manufacturing firm of dimensioning requirements. Normally these requirements are governed by standard provided by American Petroleum Institute, the specification that covers the product. ...Download file to see next pagesRead More
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