The oil and gas industry performs significant investments in complex and risky environments to develop their Project portfolio.
To improve the efficiency of capital investments most of the Oil & Gas (O&G) companies assess the projects value by performing intermediate reviews before approving major milestones of a project that will authorize further investment.
ADNOC as many others was willing to improve capital efficiency and initiated its own process in 2014.
We will present in this paper the ADNOC journey in developing its Value Assurance Process for capital investment projects; how projects are classified, and how project reviews are set up upfront of the approval gates; the new Value Assurance Process put in place across upstream operating companies and key principles that will be applied for the development of opportunities.
Let us start the journey!