Project Management as an Investment Budget Controller SPE 69598
Language: Inglés Series: Fernández, H ; Publication details: Dallas, Texas Society of Petroleum Engineers 2001Online resources: Summary: Project Management (PM) is a tool used in many industries to track large development projects from basic engineering to finalization. The main goals of PM are meeting cost, quality and time objectives. This paper shows basic application characteristics of PM, the tools required in implementation, main problems and results. Our challenge was to adapt this tool for tracking capital expenditures of projects exceeding their fiscal year budget, at different development stages and classified according to their nature (pipelines, treatment plants, electricity facilities, etc.) or to a common target (a particular field development) and with maintenance programs strongly linked to production. The PM system was implemented at the Puesto Hernández field, Neuquen Basin, Argentina. Capital expenditures of this field amounted to $100 million. As a result of this implementation and better contract planning, budget deviations were reduced by 90%, and timing, cost and quality objectives were met despite changes to the Investments Plan due to internal and external factors. In setting up the methodology, it was necessary to adapt Project Management to the accounting management system; develop procedures for programming tasks, tracking project progress and recording changes; coordinate different internal areas; optimize resource allocation; and correct deviations.| Current library | Status | Barcode | |
|---|---|---|---|
| Biblioteca virtual | Not for loan | 200003234 |
Project Management (PM) is a tool used in many industries to track large development projects from basic engineering to finalization. The main goals of PM are meeting cost, quality and time objectives. This paper shows basic application characteristics of PM, the tools required in implementation, main problems and results. Our challenge was to adapt this tool for tracking capital expenditures of projects exceeding their fiscal year budget, at different development stages and classified according to their nature (pipelines, treatment plants, electricity facilities, etc.) or to a common target (a particular field development) and with maintenance programs strongly linked to production. The PM system was implemented at the Puesto Hernández field, Neuquen Basin, Argentina. Capital expenditures of this field amounted to $100 million. As a result of this implementation and better contract planning, budget deviations were reduced by 90%, and timing, cost and quality objectives were met despite changes to the Investments Plan due to internal and external factors. In setting up the methodology, it was necessary to adapt Project Management to the accounting management system; develop procedures for programming tasks, tracking project progress and recording changes; coordinate different internal areas; optimize resource allocation; and correct deviations.
