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Reducing Cycle Time to First Oil for Deepwater Field Developments

[+] Author Affiliations
Beverley F. Ronalds

CSIRO Petroleum Resources, Perth, WA, Australia

Paper No. OMAE2005-67016, pp. 37-43; 7 pages
doi:10.1115/OMAE2005-67016
From:
  • ASME 2005 24th International Conference on Offshore Mechanics and Arctic Engineering
  • 24th International Conference on Offshore Mechanics and Arctic Engineering: Volume 1, Parts A and B
  • Halkidiki, Greece, June 12–17, 2005
  • Conference Sponsors: Ocean, Offshore and Arctic Engineering Division
  • ISBN: 0-7918-4195-2 | eISBN: 0-7918-3759-9
  • Copyright © 2005 by ASME

abstract

The cycle time to first production is a primary determinant of the net present value (NPV) of an oil and gas asset. The cost, complexity and risk inherent in deepwater field developments, combined with the relative lack of experience in their execution, often encourages engineers to proceed cautiously in field development. However, a successful fast-track development schedule from discovery to first oil may bring significantly better economic returns. This paper investigates the key parameters influencing cycle time for different facility types, and outlines a wide range of measures that may be adopted to accelerate the time to first production.

Copyright © 2005 by ASME
Topics: Cycles

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