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Track and respond to all correspondence – including emails. Failure to respond suggests agreement. Make calendar appointments reflecting meetings with the other contracting parties. Establish procedure to record in detail what happens at meetings with the other parties (include a list of documents exchanged or reviewed). Notify other party to contract when information/action from them is needed (and is missing), and only then take corrective action. Specifically complain in writing about any delays/ problems/ potential claims under the contract and provide prompt written notice of problems/breaches.
Define to refine. Optimise your optimisation phase. Drive to standardise wherever possible. Ensure continuity.
Allow for proper definition of the technical solutions before the execution phase of a project. An optimisation phase in the framework is a good place to start. The more time spent on definition before EPC, the more value will be garnered for the project.
Be candid about the facts that underpin your project. Group your assets and piggy-back off existing developments. Simplification of the relationship between charterer and contractor vis-à-vis risk allocation.Innovate in your approach to financing for field development. What happens upstream, stays upstream. Be open to a new age of financing.
Some of the basics that underlie the field economics of your development must be parted with, such as an approximate breakeven point and the P50 and P90 reserves estimate of the project in hand. Some frankness about these fundamentals can help allay fears that a bank may have.