The Upstream Benchmarking Cost Engineering Committee (UCEC) will be held in person on Wednesday, June 15th in The Woodlands, Texas, for the first time since 2019. In addition, live webinars will be held for all presentations following the meeting for those who cannot attend in person.
The objective of the UCEC is to help improve upstream project and business results by providing exclusive metrics for better cost engineering. The UCEC cost, schedule, and quantity-based metrics are used by participating companies to validate their internal estimates with industry data. UCEC also provides research into practices and project characteristics that drive better cost and schedule outcomes.
The annual UCEC meeting will provide time for networking with other member companies and discussing new metrics and highlights of the current year’s metrics program. Attendees will also learn about new IPA research including:
• Market Escalation and Procurement Trends: The objective of this study is to understand observed and expected escalation trends across various cost categories and procurement trends in the current market.
• Schedule Risk Analysis: This study presents the parametric approach of schedule risk analysis and major systemic factors that drive schedule slip in E&P projects.
Attendees will also receive updates from IPA on the energy transition and its effects on UCEC member companies. The meeting will wrap up with a metrics and research brainstorming session.