Life-of-Asset Information Management
The Challenge
A global E&P company wants to create a standard way for their global subsurface asset teams to document and track their asset descriptions that reflect the full-life exploitation of their reserves. Each team spends considerable effort to document and report up their ideas on the potential of the asset base every year. The teams also repeat the process several times a year to provide supporting information to management for budget and planning, reserves and asset valuation.
As team members and capital spending priorities change, there is a need to create a single source of the truth about the asset and its potential to support annual, ongoing business and decision-making processes. Management wants to maintain the context in which decisions are made along with the data throughout the lives of their assets. 3GiG delivers a solution to these needs.
The 3GiG Solution
3GiG’s Prospect Director provides a configuration to capture information from the asset teams including:
- Asset/Field descriptions
- Development history
- Reservoir descriptions
- OOIP estimates
- Field development project scope
| - Supporting document storage
- Key studies and analysis methods
- Ranges of project economic cases
- Previous year reserves
- Key risks and uncertainties
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The configuration connects the numbers, the supporting documents, the thinking, ideas and the narrative associated with each asset’s short and long-term potential into one enterprise system. An evergreen view of the asset is maintained by the asset teams and automatically generates the supporting reports and outputs required by management at key stages in the annual and 5-year planning process. These report packages dramatically reduces duplication of effort and organization disruption during the planning/review process.
Asset team members can collaborate more effectively by collating and building provisional or scoping versions of the asset plan until they are ready to publish an auditable snapshot for use by management. Prospect Director’s search, query and reporting tools enable teams from the entire global asset-base to learn best practices from analog assets and projects.
Throughout the life of an asset or project, Prospect Director delivers a live, real-time, perpetual knowledge base that changes as new information is added, reducing duplication of effort, data, and information. The knowledge base is built by and for the asset team members and can be leveraged across the asset base and for managing the ongoing portfolio of projects thus increasing the organization’s efficiency with an adaptable, repeatable business process framework.