Management Practices in Exploration and Production Industry

Project Management

Project management is the concept which has taken significant importance in all scopes of businesses and especially in the exploration and production industry, where the projects are extra-long and huge sums of money is involved. Fifty years ago, projects were executed and completed without even considering any idea like project management which is not only the subject of how to manage projects within given time and budget but also coping with different targets, environments and people with understanding the success key skill set essential for a certain project. Along with ‘know-how,’ the concept of ‘do-how’ can help greatly to accomplish the hefty accomplishments.

Dealing with a wide variety of projects including exploration, appraisal, production, disposal, sequestration, and storage, etc. is the hallmark of the exploration and production industry. This makes it a very diverse process, and at the same time, each type of project needs a specific set of expertise to execute successfully. However, over the years, some management tools, techniques, and problem solving approaches have proved to be essential for almost any type of project. Thus, at least such a basic skill set is considered to be a must for execution of such projects. Any additional expertise required for the specific projects are generally provided by the organizations in the form of trainings, seminars, and/or lectures.