In order to receive proof of
CEU credits, you must watch this presentation in its entirety and complete the
survey.
Level: Basic
TCM Section(s):
3.3. Investment Decision Making
6.1. Asset Performance Assessment
Venue: 2021 AACE International Conference & Expo
Abstract: In the year before COVID, the oil and gas industry announced a considerable number of projects with early start-up of production as well as completing under budget.This was a phenomenon that was unheard of only a few years previously.However, examining some of these "exceptional projects" in greater detail highlighted that many of them had, in fact, built something with a different or reduced design from the approved scope. In other cases, the planned schedule was significantly longer than should have been necessary, and their "early start-up" was no quicker than anyone else building the same type of facility.
There is no doubt that the industry has learned some important lessons since the oil price crash end 2014, but can we now believe that these results are the new normal? What changes will we expect to see post-COVID? How can we predict if a project will actually complete on time and budget?
This presentation will use field data from a joint industry project which has been benchmarking completed offshore projects for over twenty five years. The analysis will examine the changes in cost, schedule and scope from investment approval to project start-up for recently completed projects to identify ways to improve predictability on your final cost and schedule.
Level: Basic
TCM Section(s):
3.3. Investment Decision Making
6.1. Asset Performance Assessment
Venue: 2021 AACE International Conference & Expo
Abstract: In the year before COVID, the oil and gas industry announced a considerable number of projects with early start-up of production as well as completing under budget.This was a phenomenon that was unheard of only a few years previously.However, examining some of these "exceptional projects" in greater detail highlighted that many of them had, in fact, built something with a different or reduced design from the approved scope. In other cases, the planned schedule was significantly longer than should have been necessary, and their "early start-up" was no quicker than anyone else building the same type of facility.
There is no doubt that the industry has learned some important lessons since the oil price crash end 2014, but can we now believe that these results are the new normal? What changes will we expect to see post-COVID? How can we predict if a project will actually complete on time and budget?
This presentation will use field data from a joint industry project which has been benchmarking completed offshore projects for over twenty five years. The analysis will examine the changes in cost, schedule and scope from investment approval to project start-up for recently completed projects to identify ways to improve predictability on your final cost and schedule.