Field Development Planning
Field development planning studies provide the necessary information and advice for:
- establishing whether or not a project is economic
- shortlisting development project options by screening
- selecting an optimal development concept for a project
TARGET provides decision support at each of these stages using a proven approach and a structured framework to ensure the correct decisions are made. This eliminates bad decisions, which could otherwise come from poor framing, from not adhering to a clear and structured process and from not evaluating all of the options on an equitable basis.
These early phases of a project are where most value is created or lost. Poor decisions here cannot be recovered in the project execution. The TARGET process, used on all early phase studies, ensures that:
- all the potential contributors to the value of the project are considered and, where possible, quantified – not only CAPEX but also OPEX, schedule, availability, recovery, flexibility, safety, environmental and project risk and uncertainty – to ensure an equitable basis for concept selection;
- there is an audit trail for the decision process, with a robust basis and clear reasons for the elimination of alternatives;
- the choices and concepts that provide the maximum project value are identified and the results are assured;
- threats to the success of the development and potential sources of reduction in the economic value of the project are identified and assessed.