Hydrocarbon Field Re-Development in a Bayesian Framework

2021 ◽  
Author(s):  
Dominik Steineder ◽  
Torsten Clemens
Keyword(s):  
Performance Indicators ◽  
Oil And Gas ◽  
Risk Mitigation ◽  
Data Gathering ◽  
Key Performance Indicators ◽  
Bayesian Framework ◽  
Development Projects ◽  
Project Development ◽  
Project Objectives ◽  
Hydrocarbon Field

Abstract Hydrocarbon field (re-)development projects are challenging to perform as a number of decisions need to be taken under uncertainty. In addition, data gathering activities need to be performed to decrease the risk of negative outcomes related to project objectives and to select the development option with the highest value. Many oil and gas E&P companies are using as stage-gate process to mature hydrocarbon field (re-)development projects. Such a process allows for systematic project development including value assurance measures such as peer reviews prior to decision gates. However, the stage-gate leads to challenges if it is not performed in a Bayesian framework. If for example simplified models are used in the early phase of the stage-gate process, no Bayesian updating of believes can be done. Similarly, if the company is not seamlessly integrating project value in project development, the value of development option and of data acquisition cannot be quantitatively determined. We are showing how to mature projects in a Bayesian framework. We show how data gathering is used to update believes and how generalized sensitivity analysis can be applied to identify which decisions have an impact of project value and which parameters are sensitive to the decision which development option to perform. The key performance indicators such as Expected Monetary Value, Probability of Maturation, Probability of Economic Success are updated. The changes of the sensitivities of the various uncertain parameters with project maturation is monitored and the decision maker is supplied with key performance indicators and residual risks, risk mitigation and management plans at Final Investment Decision.

Development of the Key Performance Indicators for the Assessment of Personnel Management Service Specialists

2019 ◽  
Vol 8 (5) ◽  
pp. 29-33
Author(s):  
Nadezhda Shklyaeva
Keyword(s):  
Personnel Management ◽  
Performance Indicators ◽  
Oil And Gas ◽  
Key Performance Indicators ◽  
Management Service ◽  
Similar Work ◽  
Oil And Gas Companies ◽  
Management Services

Personnel management services at enterprises are usually attributed to cost centers; specialists are assessed not by the results of the unit, but by the total results of the organization. Therefore, practitioners consider it inappropriate to develop KPI for HR services. The author is sure that diff erentiation of the results of the activities of all specialists is necessary. This article describes the practical results of the development of KPI for professionals working in HR services. The mechanism of differentiation of indicators by posts is presented. The system was developed and tested in one of Surgut’s oil and gas companies. The algorithm presented in the article will help those interested in carrying out similar work in the process of developing their own version of KPI.

scholarly journals Measurement challenges of supply chain performance in complex shipping environments

2018 ◽  
Vol 3 (4) ◽  
pp. 431-448 ◽  
Author(s):  
Photis Panayides ◽  
Odd Jarl Borch ◽  
Anastasiya Henk
Keyword(s):  
Supply Chain ◽  
Performance Indicators ◽  
Oil And Gas ◽  
Service Providers ◽  
Key Performance Indicators ◽  
Operational Environment ◽  
Long Distance ◽  
Content Type ◽  
Logistics Service ◽  
Context Specific

Purpose Logistics service performance measurement (PM) is a fundamental activity pertaining to the achievement of logistics goals and the improvement of services. The choice of logistics PM criteria depends on stakeholder goals and expectations, including logistics service providers, customers and government and regulatory institutions. PM is especially challenging in areas where high values are at stake, several actors are involved and uncertainty about cause-and-effect relations is high. This paper aims to examine the measurement of performance in offshore oil and gas logistics, which has unique characteristics such as a supply chain (SC) exposed to a harsh environment, the presence of several independent carriers and a highly specialised and costly set of vessels involved in long-distance transport legs. Design/methodology/approach The study is designed as a multiple case study of two Norwegian shipping companies and two international oil and gas companies. Data were collected from several parts of the offshore service SC in several Arctic oil and gas fields. Findings This paper sheds light on the performance of the SC and presents key performance indicators for logistics operations. It concludes that the measurement of SC performance must be context-specific and emphasis needs to be placed on the degree of uncertainty and inter-dependency related to the SC in question. Originality/value The study suggests a list of context-specific key performance indicators for offshore logistics with a special emphasis on the peculiarities of a harsh operational environment.

scholarly journals Risk assessment approach to regulatory compliance challenges in aging facilities: A case study of Harlypet Oil and Gas Nigeria Limited Facilities

2021 ◽  
Vol 40 (2) ◽  
pp. 210-221
Author(s):  
C.E. Alaneme ◽  
S.A. Al-Jeshi ◽  
S.B. Al-Otaibi
Keyword(s):  
Oil And Gas ◽  
Risk Mitigation ◽  
Data Gathering ◽  
Regulatory Compliance ◽  
Individual Risk ◽  
Risk Levels ◽  
Assessment Approach ◽  
Expanding Population ◽  
Systematic Field

Compliance with new regulations in old plants remains a recurring challenge because of negative outcome of incidents. This challenge stems from uncertainties in the facilities’ integrity, owing to inadequacy of existing integrity-validating technologies. Process facilities deteriorate through cyclic operations, while encroachments from expanding population characteristically raise the risk-levels, leading to need for higher grade materials to meet operational expansions. Retroactive compliance becomes a nightmare with every new regulation without a robust cost-to-benefit assurance. This paper discusses two-phased qualitative and quantitative risk modelling approach through systematic field-data-gathering, hazards identification and analysis by a twelve-man risk management engineers. The methodology successfully computed a “health-check" of the facility’s compliance to new regulations, 17 high-risk-hazards were extracted from 42 potential hazards and successfully established varied individual risk levels ranging from 4.07E-06 to 1.64E-04/year. Also, risks ranged from 1.00E-04 to 5.00E-05/year of tolerable risks to the environment, society, and business were recorded across the facility while, 22 risk-mitigation actions were recommended.

scholarly journals EVALUATION OF EFFECTIVENESS OF DEVELOPING BUSINESS PROCESSES ON ENTERPRISES OF OIL AND GAS INDUSTRY

2018 ◽  
pp. 45-50
Author(s):  
Elena Prokofievna Karlina ◽  
Elina Victorovna Polyanskaya ◽  
Anna Nikolaevna Tarasova
Keyword(s):  
Performance Management ◽  
Balanced Scorecard ◽  
Performance Indicators ◽  
Business Processes ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Key Performance Indicators ◽  
Gas Industry ◽  
The Balanced Scorecard ◽  
Effective Organization

In conditions of high competition on the global markets Russian oil and gas companies are increasingly focusing on the creation of effective system of governance which would allow to concentrate the efforts of the company staff on increasing profitability and maximizing market value, one of the tools for the achievement of which is the effective organization of business processes. The study of LUKOIL, PJSC activity in management of business segments allowed to formulate a conclusion about the appropriateness of the use of the balanced scorecard for performance management of business processes. Building and implementation of the system of key performance indicators is carried out subject to the features of the strategic directions of the company and business segments, which helped to identify two subsystems of its development for LUKOIL, PJSC: key performance indicators for the evaluation of the company as a whole and key indicators for the evaluation of business processes. On the basis of the process approach the key performance indicators of the business process "Well construction management" have been formed and concretized reflecting the industry specifics of the operating and financial activities of the oil and gas industry.

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