Abstract
This paper proposes a multidimensional approach for the integration of technical, economic and legal & contractual components and the interrelation of the parties involved in the development of Upstream & Downstream projects in the oil industry –and not on an individual, separate, or partial basis– in order to efficiently and effectively achieve the success of the project through the optimal usage of investments and resources while minimizing risks which may result in losses for the parties or the failure to reach jointly the mutually agreed goal.
Based on projects developed in Ecuador in the oil industry which outcome was a success and/or a failure, we will identify through the variables which contributed to said success and/or failure and the interrelation among them. The success and/or failure is not a lineal function of the variables, as these individually do not lead to the outcome but it is their synergy which unfolds the results.
This method has only been applied on a retrospective basis, that is, after the fact, in order to revise actions and steps taken to determine the reasons for failure. The application of the multidimensional approach have enabled us to reach the conclusion that in certain projects results could have been different. It will only be useful if new future projects are analyzed a priori and results evidence positive consistency.
Without foundations, it has been thought that the oil industry as an extractive industry is only a basic industry which does not vary or incorporate and/or require methodologies to effectively and efficiently optimize the execution of projects. To the contrary, this industry has led the way for the development of other industries. Based on the universal nature of the oil industry, we may incorporate an educated analysis that will be pioneer for other industries.
Frequently it has been observed that there is a divorce among the technical, economic and legal professionals managing an oil industry project unaware that joint efforts will provide synergy to the analysis, in order for the final result to be more effective and efficient than those results originated from individual efforts. This Paper incorporates a multidimensional analysis for the development of projects in the oil industry.
