In the realm of Upstream O&G, where complex projects require flawless execution, FEL emerges as a paramount methodology. FEL encompasses the initial phases of project development, serving as the foundation upon which project success is built. It consists of a three-step planning process:
1. Project Definition: FEL begins with a rigorous examination of the project’s scope and objectives, ensuring a meticulous understanding of the requirements. This phase serves as a critical benchmark for the project’s overall success.
2. Risk Mitigation: FEL goes beyond conventional methodologies by placing a significant emphasis on risk mitigation. By assessing and addressing potential risks comprehensively, we enhance project reliability and resilience. This, in turn, minimizes costly disruptions and setbacks.
3. Cost Control: FEL provides a structured approach to cost control. Through detailed project definition, uncertainty is reduced, enabling accurate cost estimates. This precision in budgeting is a crucial factor in safeguarding the financial health of our projects.
– Improved Project Success: FEL significantly increases the probability of success across crucial project metrics, including cost, schedule, and operability. This means our projects are more likely to be delivered on time, within budget, and with optimal performance.
– Resource Optimization: With FEL, we gain the ability to allocate capital and human resources optimally. This allocation is holistic, covering not only technical and financial resources but also one of our most vital assets: our people.
– Global Energy Investments: In an industry poised to invest trillions of dollars in global energy projects, FEL offers the potential for substantial cost savings. Our expertise in FEL can save up to 13% on the capital budget, translating into remarkable financial efficiency.
– Innovative Frontiers: FEL encourages us to push the boundaries of traditional approaches. We have the opportunity to unlock new project frontiers, decrease financial costs, and reduce project risks significantly.
FEL is not just a methodology; it’s a strategic imperative for our industry. Its rigorous approach to project definition, risk mitigation, and cost control forms the bedrock of project success. It empowers us to navigate the ever-evolving landscape of the Upstream O&G sector with confidence, efficiency, and innovation. FEL is the compass that guides us to new frontiers and guarantees our continued excellence in project planning and execution.
The POES INTERNATIONAL Advantage:
At POES INTERNATIONAL, we bring a unique edge to FEL. With over 15 years of dedicated service in Latin America, we possess unmatched experience in FEL projects for Oil asset development. Our expertise extends to FEL applied in Heavy Oil Enhanced Oil Recovery technology evaluation and selection projects.
Our premium expert team and access to senior professionals in all areas, both subsurface and surface, offer an exceptional blend of knowledge and practical insight.