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.
After an investment of more than USD1bn and 4,000 people over a period of two years, the FPSO Pioneiro de Libra left Singapore’s Jurong Shipyard in March 2017 for Brazil, where it will be the first FPSO to produce oil from the country’s Libra Block, one of the largest pre-salt oil reserves in the world. This session will discuss the key learning points that could be learnt from the entire EPC process, the main challenges the company faces during the entire project, and how it managed to innovate to solve some of these issues.
The FPSO Americas Congress (Houston, 28 – 29 November 2018) will bring oil companies, FPSO contractors, sub-contractors and solution providers together to explore practical strategies in monetizing deep-water projects through effective FPSO conceptualization, execution and operations.
Some of the key topics that will be discussed include:
- Learnings from FPSO projects across the entire life-cycle including BP’s Tortue FPSO Project, Husky Energy’s White Rose Project and BW Offshore’s Dussafu Project
- Understanding what it means to develop an effective execution strategy – with a case study of Premier Oil’s Sea Lion project
- Navigating regulatory constraints for FPSOs in the Gulf of Mexico with SBM Offshore
Download the preliminary agenda now.