The 2015 oil price downturn compounded by future uncertainties and volatility in the industry have resulted in significant transformation in many oil & gas companies towards identifying and removing inefficiencies and maximising the lifecycle value of the hydrocarbon assets. The need to take proactive action in enhancing the business workflows to improve efficiencies through process simplification, innovative collaboration models and cost reduction efforts. In the low oil price environment, we need to be more cash conscious, focusing mindset towards value & objective driven activities, while rethinking the commercial and contractual strategies.
This paper will briefly touch upon some of the process improvements at industry level in Malaysia and its key principles and value impacts, focusing mainly on Integrated Asset Development & Management (IADM) throughout field/asset lifecycle from exploration stage to decommissioning and abandonment stage. In addition, this paper will also share examples of innovative solution of resources management towards successful development plan formulation and asset management, that serve as a platform for putting together various elements of ideas and concepts, best practices and lessons learnt, techno-commercial & data-driven initiatives, alternative industry standard approaches, and enabling technologies for IADM.