The decline in oil and gas prices has placed a huge strain on cash flows across the upstream industry. As a result, greater focus is required on economic evaluation of new opportunities as well as on re-assessing the viability of existing projects or assets. This requires great understanding of input uncertainty so that tough portfolio decisions can be made. Considering this volatile business environment, it is critical that project economics are analysed more rigorously and key project challenges are identified earlier in the process. Opportunities that have the ability to scale up or down as a function of this oil price volatility have implicit value, which needs to be quantified and communicated. Our industry needs to become more efficient and increase speed and learning from iterations, whilst improving the quality of the investment decisions. Periods of lower oil prices provide a compelling reason to examine areas of improvement that can or otherwise be overlooked.