Exploration & Production (E&P) projects tend to overspend/overrun and under-produce vis-à-vis their targets. As larger amounts of capital are risked in more challenging projects, effective capital project management becomes even more critical to meet corporate objectives.

The Exploration and Production Project Best Practices course incorporates IPA’s proprietary model, “Pathways to Asset Success," which is based on a detailed root cause analysis of over 390 completed asset developments in the E&P industry.  The model provides insights around overall project success and the quality of information in the early project phases; effective integration between the reservoir, facilities and wells programs; and team experience and integration via a good work process.  The insights from the model are supported by a full suite of quantitative analysis for each link in the pathway, backed by quantitative multi-year research in Best Practices. Exploration and Production Project Best Practices is registered with the Project Management Institute (PMI), allowing attendees to claim 22 Professional Development Units (PDUs) upon completion of the course.

Course Content and Organization
This 3-day course uses a combination of lecture, facilitated discussion, and case studies.  Research findings are communicated through lectures.  Participants share their experiences and relate learnings to their own experience through facilitated discussions.  Case studies allow participants to apply course learnings to real projects. This course can be customized to meet your organization’s needs.  Topics can be combined to target specific issues.  Some companies end the program by establishing implementation plans for improvement.

Module 1: Introduction
An overview of the course and introduction to IPA's methodology, databases and performance metrics.

Module 2: Pathways to Success
Identifying actions and timing that lead to successful asset outcomes.

Module 3: Team Effectiveness
Why early team formation is critical to capital project success. IPA's Team Development Index (TDI). Best Practices for Team Development.

Module 4: FEL Introduction
The process of Front-End Loading (FEL) and the advantages of a formal gated approach to FEL. The Asset FEL Index components and weights.

Module 5: Reservoir and Wells FEL
The components of IPA's Reservoir FEL Index and Wells FEL Index and the aspects of Best Practical project definition for each of these components.

Module 6: Facilities Front-End Loading
The key deliverables for each of the three phases of Facilities FEL. Identifying the aspects of project definition addressed by each Facilities FEL Index component. How achieving a Best Practical level for each component helps reduce risk.

Module 7: Efficiency and Effectiveness
Identifying the key FEL 2 practices that provide a foundation for FEL 3 efficiency. The key practices that facilitate reaching FEL 2 goals.

Module 8: Contracting Strategies
The four dimensions of contracting. Considerations for selecting an appropriate contracting strategy. Distinguising between cost-effective and non-cost-effective contracting strategies.

Module 9: Value Improving Practices
Defining Value Improving Practices (VIPs) and identifying Upstream VIPs that correlate with better outcomes. Key practices for implementing VIPs.

Module 10: Project Risk Analysis & Mitigation
The purpose of project risk management and identifying risk analysis tools and techniques. The key elements of risk management that are considered Best Practices. Methods for owner to assume risk and thus minimize contractor risk premiums.

Module 11: Project Execution Issues
The categories to define problematic projects and identifying causes. Why some regions have more problematic projects than others. Recognizing the drivers that lead to poor hookup and commissioning cost and schedule performance. Factors to consider in determining an optimum load-out date.

Module 12: Project Controls
Defining project controls and identifying project controls Best Practices that correlate with improved project outcomes. Distinguising between control and monitoring. IPA's Project Control Index (PCI) and its use.

Wrap-Up
A summary of the learning outcomes from each module and discussion of the education path forward.

 

Benefits
The training course’s primary focus is to present in detail the key learnings and practices for project planning and execution that lead to superior outcomes. The training course will provide the following:

• Identifying the critical drivers of success for all components of the asset development
• Defining the project to improve business value
• Leveraging resources effectively
• Exploring how to set and achieve competitive targets
• Implementing technology improvements
• Learning tools and techniques to identify and mitigate risks
• Applying learnings derived from thousands of actual projects to your ongoing and future projects
• Networking with other project professionals

Target Audience
The program is intended for those currently in project manager positions and those who will move into the project manager role in the near future.

The E&P industry database encompasses a wide range of project sizes. However, the focus for this course is on the core of that business—projects greater than US$50 million but less than US$1,000 million—which is about 70 percent of all projects. Those smaller than US$50 million are addressed in a separate Best Practices for Small and Plant Projects offering, and those larger than US$1,000 million are considered in the Executing Successful Complex/Megaprojects seminar.

Claiming PDUs
Exploration and Production Project Best Practices is officially registered with PMI, which allows attendees to easily claim 22 PDUs upon completion of the course. Simply visit the PMI Continuing Certification Requirements site and submit the PDU Activity Reporting Form (Provider Number: 2767 / Activity Number: XXXUPM). For those claiming PDUs through other education organizations, please note that the duration of this course is 22 hours.