Management of Uncertainty is central to our industry – Yet we are not very good at it!
Presented by Simon Whitaker, Partner, Facilities and Development Planning at RISC
Have you ever wondered why projects large and small often do not meet the expectations set out at inception?
When formulating project costs, schedules and Field Development Plans companies need to consider subsurface uncertainty, such as reserves assessment, as well as surface uncertainty, such as costs and schedule.
They need to ask if they are able to manage some risks better than others, or if the same techniques are applicable to managing subsurface and surface risks.
In this RISC Conversation Series seminar, Simon Whitaker, Partner, Facilities and Development Planning at RISC, addresses these issues by:
- reviewing industry studies and RISC’s own research on project performance;
- exploring technical and non-technical reasons for poor field development planning; and,
- suggesting initiatives for appropriately identifying risks, managing the associated uncertainties and thus improving the overall performance of the industry.
About Simon Whitaker
Simon has a background in petroleum engineering including reservoir and production engineering, well evaluation and varied operational experience.
He spent the first part of his more than 30-year industry career working for companies such as Santos, BP, Ampolex and Mobil in Australia, Europe, North Africa and SE Asia.
He has spent the second part of his career consulting, and during this time has reviewed hundreds of upstream assets. This led Simon and his colleagues at RISC to wonder why field development and project outcomes are often so different to those envisaged at the time the project was approved.
22 October 2015
Presented by Simon Whitaker