U3 Explore Class - Lecture 9: Stage-Gate Process Reserves and Resources
Dr. Kevin Schofield reviews definitions of the Reserves and Resources, the categories and the industry regulations. This lecture has an exercise introduction.
Kevin’s 37 years of experience in technical leadership and SME roles has resulted in a deep integrated understanding of exploration, development and project oversight in deepwater petroleum systems in the Gulf of Mexico, North Sea & West Africa. He has also worked extensively in the Middle East & Australasia. As a Divisional and Corporate Chief Geologist he developed significant experience in integrated project assurance, & individual and team development. He has developed/delivered short- and long-form courses for industry in Play-Based Exploration and Integrated Project Development.
Dr. Kevin Schofield shares his experience in the final stages of project delivery. During the Define and Execute stages, the Checks and Balances become much more tangible as the risk profile of the project peaks: How does the value of the disciplinary skills shift during these phases? Money is being spent at a significant rate, How can one manage the selection of best-in-class options and budgetary and schedule management?
Dr. Kevin Schofield explains how the analyses delivered by Petroleum Economics allows leaders to make decisions at all points in the business cycle to maximize return on investment. with some caveats to remember: Economic assessments of projects are predictions. The input data for those models are the output data from technical evaluations and economic forecasts. All single-output economic assessments are incorrect. Viable economic assessments are presented as probabilistic ranges. There is an introduction to Our Well economics in this lecture
Dr. Kevin Schofield focuses on the questions: How to select the option that delivers optimum value considering the downside risk and upside opportunity involved and How to Refine a project plan as necessary delivering the optimum development concept.
Dr. Kevin Schofield will cover the fundamental principles that drive the calculation engines of the applications we use. You may find this a little old-fashioned, but you may also find these simple back-of-the-envelope methods useful as a quick check on a project in a data room, or even as a calibration of a model of your own.
The stage gate process is designed to highlight, manage and mitigate risk. In this lecture, Dr. Kevin Schofield demonstrates the value of data and how it relates to the actions during project delivery. How does this translate into the stage gate process, and what questions should we be asking?
Dr. Kevin Schofield reflects on the importance of the Assess Stage. He characterizes it as the most critical period of a project in terms the questions we ask ourselves (and are asked by peers and leadership) and the way that we arrive at the answers.
Dr. Kevin Schofield discusses Framing - a vitally important sub-process within the overall discipline of the Stage Gate. Framing sets the stage and mindset for the project team as they move forward with the work of data collection and analysis.
Dr. Kevin Schofield in this lecture covers the Initiate Stage when the business case and scope for a project are agreed upon and approval is given to commence work. The first part of a three-step exercise is explained at the end of the lecture. Exercise Our Well Part 1 INTRO is part of the lecture. Video with answers will be available for viewing after one week after the lecture, so there is time for students to work on the exercise before the answers can be discussed.
Dr. Kevin Schofield provides an overview of a Stage-Gate Process that is a framework for business decisions, particularly those involving significant capital commitments, to be made under optimum circumstances using the highest quality inputs.
Dr. Kevin Schofield reviews the inherited uncertainties from the exploration phase and implications to Project Development decision making within a stage-gate framework: dealing with Risk, Uncertainty & The Exploration Legacy.
Development Decision-Making within a Stage-Gate Framework. Dr. Kevin Schofield explains the purpose and logistics of the practical virtual classroom: Integrated Projects: A beginner's guide or Everything you wanted to know about working on the project but were afraid to ask. The course is based on an MSc-level week-long course taught for a UK University contracted to a major NOC. The premise is that many individuals in the industry enter into projects early in their career with little prior knowledge of how projects are structured or the depth of integration necessary for a project to be successful, either because they previously worked in exploration, or because they are new to the industry, and little formal training is provided by most companies on the topic. This short course presents what we believe to be the essentials in a series of lectures and short exercises.
Live debate on statistical methods in petroleum basins assessments and comparisons. Recorded June 2020. The conversation has covered, base rate neglect, field size distributions, creaming curves, and conditions for statistically valid data sets.
Dr. Kevin Schofield shares his experience in the final stages of project delivery. During the Define and Execute stages, the Checks and Balances become much more tangible as the risk profile of the project peaks: How does the value of the disciplinary skills shift during these phases? Money is being spent at a significant rate, How can one manage the selection of best-in-class options and budgetary and schedule management?
Dr. Kevin Schofield explains how the analyses delivered by Petroleum Economics allows leaders to make decisions at all points in the business cycle to maximize return on investment. with some caveats to remember: Economic assessments of projects are predictions. The input data for those models are the output data from technical evaluations and economic forecasts. All single-output economic assessments are incorrect. Viable economic assessments are presented as probabilistic ranges. There is an introduction to Our Well economics in this lecture
Dr. Kevin Schofield focuses on the questions: How to select the option that delivers optimum value considering the downside risk and upside opportunity involved and How to Refine a project plan as necessary delivering the optimum development concept.
Dr. Kevin Schofield will cover the fundamental principles that drive the calculation engines of the applications we use. You may find this a little old-fashioned, but you may also find these simple back-of-the-envelope methods useful as a quick check on a project in a data room, or even as a calibration of a model of your own.
The stage gate process is designed to highlight, manage and mitigate risk. In this lecture, Dr. Kevin Schofield demonstrates the value of data and how it relates to the actions during project delivery. How does this translate into the stage gate process, and what questions should we be asking?
Dr. Kevin Schofield reflects on the importance of the Assess Stage. He characterizes it as the most critical period of a project in terms the questions we ask ourselves (and are asked by peers and leadership) and the way that we arrive at the answers.
Dr. Kevin Schofield discusses Framing - a vitally important sub-process within the overall discipline of the Stage Gate. Framing sets the stage and mindset for the project team as they move forward with the work of data collection and analysis.
Dr. Kevin Schofield in this lecture covers the Initiate Stage when the business case and scope for a project are agreed upon and approval is given to commence work. The first part of a three-step exercise is explained at the end of the lecture. Exercise Our Well Part 1 INTRO is part of the lecture. Video with answers will be available for viewing after one week after the lecture, so there is time for students to work on the exercise before the answers can be discussed.
Dr. Kevin Schofield provides an overview of a Stage-Gate Process that is a framework for business decisions, particularly those involving significant capital commitments, to be made under optimum circumstances using the highest quality inputs.
Dr. Kevin Schofield reviews the inherited uncertainties from the exploration phase and implications to Project Development decision making within a stage-gate framework: dealing with Risk, Uncertainty & The Exploration Legacy.
Development Decision-Making within a Stage-Gate Framework. Dr. Kevin Schofield explains the purpose and logistics of the practical virtual classroom: Integrated Projects: A beginner's guide or Everything you wanted to know about working on the project but were afraid to ask. The course is based on an MSc-level week-long course taught for a UK University contracted to a major NOC. The premise is that many individuals in the industry enter into projects early in their career with little prior knowledge of how projects are structured or the depth of integration necessary for a project to be successful, either because they previously worked in exploration, or because they are new to the industry, and little formal training is provided by most companies on the topic. This short course presents what we believe to be the essentials in a series of lectures and short exercises.