The Create Process
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We have refined our create process over more than 30 years and thousands of front-end studies, to ensure a unique and rigorous approach to field development planning and conceptual project evaluation, which is summarised as follows:
Framing to ensure that focus is maintained on the key value drivers; we need to ensure the right breadth of scope for the decision to be made and that the client’s objectives and value drivers are clearly understood.
Establishing the decision hierarchy, to ensure the depth of study is tailored to the definition required to support the key decisions for the current project phase.
Use of strategies and business drivers to produce plausible development concept options covering the whole of field life.
Use of fast fail and other agile execution approaches to quickly remove unattractive options, improve study efficiency and ensure time is spent on the important decisions.
Use of decision analysis techniques, such as structured concepts, real options and scenarios, to test the robustness of concepts, to evaluate the present value of future decisions and outcomes, and to provide a more realistic lifecycle concept evaluation than simple Discounted Cash Flow (DCF) economics.
Use of our proprietary tool, ADEPT, supplemented by technical study work, to provide the total cost of ownership, which is then combined with other relevant value drivers, such as schedule, availability, impact of facilities selection on revenue to produce lifecycle economic comparisons.
Quantification of business risks and uncertainties to provide a true representation of the expected value for each concept to support our clients in their decision making.