In the wake of 2020’s global pandemic, the industry was leveled a shock to demand as the OPEC+ alliance negotiated via retaliations of increased production levels. All this tumult to the energy markets as the borrowing base redetermination process was set to begin, an annual occurrence when banks re-assess their loans to energy companies. Medium-term implications mean organizations need to facilitate collaboration among their member groups.
That’s why the RAPID-S53 Oversight Committee recently voted to reduce 2021 dues by 50%. This reduction is in response to market conditions and to show appreciation to the existing JIP Member companies. The RAPID-S53 database is currently used by JIP participants to collect data on all events where well control equipment (WCE) components fail to perform as designed and to provide WCE System Integrators and component Original Equipment Manufacturers (OEMs) with details of such events, in compliance with API S53. As the purpose is to advance the safety and efficiency of global drilling operations by promoting improvements in the reliability and performance of WCE, the greater the participation, the better the data. Currently over 30 companies are participating in the collaborative industry effort.
If your company would like to join the project in 2021 please contact Thad.Dunham@iadc.org.
Further information can be found here.