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We continue to live in volatile times. While there has been an easing of the global pandemic, geopolitical issues and conflicts have been increasing. There is also ever-increasing pressure to sanction and maintain oil and gas projects in a socially and environmentally sustainable manner. These projects can no longer be considered part of an isolated or independent pet… -
The papers selected this year highlight some complex considerations and the importance of using all the tools provided by the industry resource classification systems to navigate projects through to viable and sustainable development reasonably and transparently for all stakeholders.
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Even without the black swan event of COVID-19, the industry must critically examine the technical, commercial, and operational bases of the projects it proposes and executes. A logical, reasonable, ethical, and philosophical approach is critical to underpin good decision making and value creation.
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Current efforts demonstrate that industry is undertaking responsible scientific, social, and environmental management.
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Any entity assessing project viability at any stage of the exploration-to-production life cycle must ensure an evergreen examination of the commercial likelihood on the basis of an ongoing data analysis, refining development synergies coupled with strategic reframing as required.
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The papers highlighted in this article cover technical assessment of unconventional resource plays, portfolio optimization, and technology development, all very relevant in today’s environment.
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Governments, companies, service providers, and many other stakeholders in the industry have realized the oil-price outlook may remain low for longer than expected and the need to plan accordingly.
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The need for cost and capital efficiency calls for careful integration of technical and commercial elements.
