The Upstream Industry Benchmarking Consortium (UIBC) is solely dedicated to the exploration and production (E&P) industry. It provides an independent forum for each participating company to view key metrics of its project system performance such as cost and schedule, Front-End Loading (FEL), and many others against the performance of other companies and share pointed and detailed information about their practices. The consortium highlights Best Practices, reinforcing their importance in driving improvements in asset development and capital effectiveness. Consortium attendees learn how to improve specific elements of capital project execution through presentations and other more interactive discussions.
The UIBC, which is sponsored by IPA as an independent third party, is governed by a Code of Conduct, and carefully adheres to its published agenda. The UIBC Charter requires adherence to the Code of Conduct, and has been agreed to and strictly followed by all UIBC members. Therefore, the UIBC easily passes muster on antitrust.
The UIBC agenda is developed with the guidance and input of the UIBC Steering Committee. The centerpiece of each conference is the sharing of asset development outcomes and practices of the participating companies. The UIBC has two metrics sessions. In addition, there are sessions covering Best Practices, current and ongoing IPA research, and individual company experiences.
The annual UIBC meeting is held every fall. In addition, IPA hosts an annual conference for the Upstream Cost Engineering Committee (UCEC), a subcommittee of the UIBC.
Contact Neeraj Nandurdikar for additional details, including how to join the UIBC.