Decision and Risk Startegic Review
Our client wanted to undertake a strategic review of their North Sea assets. The assets were at different stages in their lifecycle, but each asset had several risks and opportunities inherent in them reflecting their history, varying reservoir performance, integrity status and availability.
The objective of the review was to provide the organisation with a means of identifying, capturing, interpreting and analysing the effect of these issues on project success factors and decision criteria. As a result, we provided recommended courses of action specific to each asset that best aligned to the decision criteria.
What did we do?
Optimus assisted the organisation by using a Decision and Risk Analysis (D&RA) approach to provide auditable decisions and to ensure that all potential options were considered.
Our involvement included:
- Understanding the subject matter and contributing to its quality assurance, not just facilitation.
- Communicating with the CEO and Board, leading the process, coordinating the resources, facilitating workshops and meetings throughout to maximise the efficiency and effectiveness of the resources utilised in the review.
- Providing training to the organization in Decision Analysis techniques.
- Establishing decision criteria, against which all decisions throughout the project would be judged.
- Structuring decisions (strategic and tactical), development of strategic themes and influence diagrams, gathering range data for inclusion into models, production of decision trees and probabilistic models including field economics, cash flow projections.
- Knowing when enough was enough in terms of time and resources by monitoring the quality of work and regrouping to change direction as circumstances developed.
- Instilling levels of confidence in the deliverables by managing the profile of risks and opportunities.
- Collation of information and presentation of information to the CEO and senior management in a way that enabled decisions to be made.
The Results
A detailed strategic plan agreed upon at CEO and senior management level within the organization was produced for each asset, allowing them to make informed decisions supported by industry expertise.
