Upstream sector owner companies that benchmark their capital projects with IPA shared new capital projects industry research and delivery Best Practices with more members of their capital projects organizations during the 2020 annual meeting of the Upstream Industry Benchmarking Consortium (UIBC).
The UIBC 2020 event highlights included an update on the progress of a carbon reduction competitiveness working group, an overview of how the capital projects industry is reacting to the pandemic, a keynote address by IPA President Edward Merrow, and competitive benchmarking results for global large-scale and site-based capital projects.
A summary of the new industry research delivered for the first time during the UIBC 2020 webinar series follows.
Clarity of Objectives
IPA research has long established an empirical link between the clarity of business and project objectives and project success. In an update to a UIBC 2019 study, IPA examines the addition of decarbonization and sustainability objectives to many E&P projects, and why it is even more paramount to understand why projects fail to deliver on objectives.
Water Injection Performance
One in every four E&P projects includes water injection; yet, IPA’s previous research shows that water injection is not well understood. This study examines Industry’s water injection performance and identifies Best Practices to improve performance.
Assessment of Engineering Quality
UIBC member companies often express concerns about the eroding quality of engineering. This study explores industry trends, issues, and possible strategies to improve engineering quality.
Site and Sustaining Capital (SSC) KPIs
Both cost and schedule performance outcomes for E&P SSC projects continue to trail Industry. In examining the relationship between key performance metrics and an organization’s stated goals and KPIs, IPA has found that there is frequently clear misalignment. The study addresses the question: Is Industry tracking the right KPIs to achieve stated goals?
The virtual 2020 forum, comprising a series of webinars running from late October to mid-December due to COVID-19 pandemic safeguards, enabled an expanded number of participants from each UIBC member company attending new research presentations and work sessions. Annual UIBC conferences are normally hosted by IPA at a resort in Northern Virginia, where high demand for participation necessitates a cap on the number of participants companies can send as delegates. Because the 2020 conference was presented as a series of live webinars, member companies could invite many more employees to attend IPA’s research presentations and industry briefings.
Featured conference presentations were delivered twice in real-time to accommodate different time zones. Also, unlike past events, webinar recordings were available to UIBC participants for a short time after the presentation.
Contact IPA to learn more about how your company can become a member of the UIBC.