Every six or seven years, the American Petroleum Institute (API) releases an update to its standards for the oil and gas industry. With every release, oil and gas companies must adhere to the new standards closely since they promote safety and quality within the industry and their company’s work. While the new edition has not been released yet but should be coming out soon. Here is what you can do to prepare for the forthcoming release of the API 5CT’s 11th Edition
Be Prepared for Potential Changes Next Year
The new edition of the API 5 CT happens months before the changes take effect. It takes time for companies to review the standards, find ways to implement them, and make required changes across their operations. This means that if the standards are released this year, your business will see changes next year.
Impact of Potential Changes
The biggest impact of the potential changes can be seen in how other companies react. This often means new product performance are released that comply with the updated standards.
Companies like MSI, which make industry-leading OCTG pipe protection products, will make changes to their products quickly to ensure compliance with the standards. Furthermore, MSI can help you find and switch out your current pipe protection products with safer, compliant ones.
Implications on the Supply Chain
Changing standards can mean a slight slowdown in the supply chain. This is because companies are adjusting to the new policies and procedures that they have in place, so they may not function as quickly as they did before. There may also be a delay in the production of products so that only compliant ones are produced. It can take time to change products, and the supply of current products may drop while waiting for new ones to come onto the market.
Steps to Prepare Your Business
While there is no indication of when the new standards are coming out or even what they will be, you can take action now to prepare your business. If API sticks to its schedule, then you should see changes within the next year or two. Start preparing now so that you are not left behind.
1. Ready Your Business For Change
Be prepared for potential changes by positioning your business for process changes. Set money aside for the implementation of new standards and changing practices. Be ready to invest in new equipment or the refurbishment of old equipment to maintain compliance.
Learn more about how meeting standards protect your bottom line.
Also, spend time now making sure that you are in compliance with the current 5CT 10th Edition standards. This will help you implement fewer, more significant changes in the future.
2. Communicate With Suppliers, Customers, and Other Stakeholders
As you make preparations, communicate with suppliers, customers, and other stakeholders so that they know what to expect. Working with them makes it easier to change your operations without it being a big surprise. Your network can prepare according to the changes that you expect to make so that everyone can continue to work together seamlessly once the changes are in place.
MSI’s Ready to Comply and Commit to API Specification 5CT, 11th Edition
MSI became the leader in pipe protection products, in part, by adhering to API standards. We pride ourselves on having 100% compliant products that protect pipes used in the oil and gas industry.
When the new standards are available, expect MSI to take action quickly to update our products and service. We do this every time, and we work quickly so that there is little interruption to your business as we evolve with the industry. Contact us today to learn more about working with MSI for API-compliant and high-quality products.