This paper tells the story of the steps that an E&P company took in implementing a methodology to plan, deliver and execute capital projects predictably. It addresses the challenges that any organization faces in effecting change, as well as the actions taken to ensure success for the initiative. This story can serve as a blueprint for any organization that wishes to improve capital performance.

The focus of the paper is not so much the solution implemented, but rather the steps the organization took to ensure a successful implementation. In this paper, the terms "project delivery system" and "asset development system" will be used interchangeably.

The company wanted to improve the predictability of its delivery of major capital projects. The company felt that to meet its business objectives, one of many things it needed to do was improve its capital execution or asset development performance.

E&P companies have many paths to growth while achieving sustainability. A traditional approach is to grow via exploration while producing efficiently. Exploration and production are recognized critical competencies for E&P firms. What is often not appreciated is that the path from exploration to production must go through asset development or capital project execution.

The figure below illustrates the three major competencies that an E&P company needs to grow. Often, firms choose the acquisition path in lieu of exploration. Nonetheless, short of acquiring fully mature assets, there is always some exploration work necessary

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