From discovery to production.....and beyond
Developments will progress through a "lifecycle" from the decision to acquire exploration acreage to the abandonment of the facilities on depletion of the reservoir. Our Project Development Method (PDM) defines five "phases "in the complete lifecycle;
Discovery, Evaluation, Implementation, Production & Abandonment.
DISCOVERY
This phase covers potential developments and the outcome will be based on fairly rudimentary information. This maybe at the time acreage is acquired but before a discovery is made. Equally a development may be under consideration when acreage has been acquired after a discovery has been made. This phase will usually involve a high level of screening analysis that must be done in order to establish whether an acquisition, exploration programme or development is worthy of further consideration.
The objective of the analysis is to give an indication of the potential value of a concept and to identify the significant threshold issues for moving forward. Considerations will include such factors as:
- Strategic and business fit
- Outline economic analysis
- Synergy with other developments in the area
- Potential development killers and major risks
- External affairs issues