Driving Oil and Gas Well Delivery Performance with Value Creation Events

Abstract

Oil and gas well delivery involves the execution of well projects, with attention to safety, design specification, desired well objectives, planned time, and agreed budget. These projects involve drilling, completion, work-over, and decommissioning/restoration (also known as abandonment) activities. Performance, with respect to the oil and gas well delivery process, is the result of comparing the actual versus plan of the above-mentioned indicators. This means, to obtain an accurate performance report, there must be benchmarks, clearly agreed upon, prior to the commencement of well execution. Plan-beating performance is not achieved without a deliberate strategy. One of the major contributors to such is the value derived from discussions about the well project. These discussions occur in what could be termed value-creation events. Value creation events are simply discussion sessions organized with the intent to derive value that has the potential to improve well-delivery performance. Attendees are largely the stakeholders in the project, including the facilitator of the event. These value-creation events are classified based on the timing of the event relative to the project execution as pre-execution or post-execution events. This paper discusses various value creation events under these classifications and how they are used to drive well delivery performance, with a focus on the value obtained to aid time and cost reduction and delivery of stated well objectives at the minimum.