About this Forum
The Oil industry is increasingly challenged to carry out complex and capital intensive oil and gas developments in shorter timeframes. At the same time we need to ensure that safety and environmental demands are met and that the recovery of the hydrocarbons over the field life is maximised. This forces us to strike the right balance between speed, investment, risk and value, whilst meeting stringent environmental criteria.
‘Fast track’ development often involves solving a potential confl ict between early cash fl ow and maximisation of life cycle value. This is further complicated by the fact that value maximisation is a probabilistic concept in the Oil industry. At the same time, policies to minimise emissions force us to reduce our data acquisition programmes to the minimum, thereby increasing the uncertainty in the development phases.
This forum’s challenge is to explore and identify how we can address these development challenges through novel approaches, resourcing of goods and services, risk management strategies, integrated design tools and other solutions. How can we optimise our development designs and fast-track them robustly at the same time?
Issues and Questions that will be explored in the Forum include:
How do we effectively manage uncertainty through the project life cycle?
- Improving our understanding of the inter-relationships between data acquisition and development decisions
- Generating scenarios, setting boundary conditions and understanding the modelling outcomes and limitations to comprehend project feasibility, risks and drive execution strategy
Are our economic models appropriate for lifecycle engineering?
- To what extent do Net Present Value and Expected Monetary Value capture risks and the value of fl exibility?
- Explore alternatives economic methods to support development decisions through the lifecycle
How do we treat ‘data lean’ projects?
- Trading off uncertainty against engineering over-specifi cation
- The use of ‘risk-based’ design concepts
What methodologies, guidelines and tools are required for a robust ‘fast track’ project development framework?
- What are the current best practices to support success?
- How do we handle “uncertainty” – does it mean “statistical” or “longer to deal with”, or what else?
People, tools, processes, organisation: what resources are required to ensure successful fast tracking?
- The variation of requirements, i.e. from pre- to post-concept selection and onwards
- Technological readiness and the need for management tools and methods such as integrated design environments
What specific practices should be implemented to accelerate time to 1st hydrocarbons?
- Better integration of design, procurement and construction without increasing business risks or HSE impact.
- Alternative contracting strategies, lessons learned from other industries.
Who should attend?
The forum is a limited attendance meeting for up to 75 people, designed for professionals in the oil and gas industry who are active in all areas of fi eld development from project initiation through to execution. The forum is aimed at people whose principal job falls into any of the following categories:
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SPE Forums: Innovative Thought and Accelerated Results
SPE Forums offer an exclusive opportunity to discuss complex industry challenges with top technologists, innovators, and managers. The forums’ limited size and intensive format maximise your opportunity to contribute. The objective is to stimulate thought, accelerate innovation, and inspire the development of new technology.
To create a cohesive group in which discussion is free fl owing, only committee-selected applicants are invited to attend. Participants are encouraged to come prepared to contribute their experience and knowledge, not to be spectators or students.
If you have a role to play in meeting the challenges of tomorrow head-on, apply today. Participants will be selected based on their ability to contribute to the discussion and to represent their stakeholder group.
How Participation Benefits You and Your Organisation
- Learn in days what would usually takes months, even years of research to learn.
- Effectively focus on a topic that directly relates to your work.
- Gain insight and perspective through conversations with peers who share your same interests.
- Meet with other experts from international companies, research institutes, and universities in an off-the-record format.
- Form professional relationships that will continue after the Forum has ended.
