LAKEL and the project partners understand every project mainly in five stages:
- Stage 1 is devoted to the Identification and Assessment of Opportunities. This is essentially the Exploration Process.
- Stages 2 and 3 are the Development Planning stages, where many teams of specialists perform feasibility studies in order to define the optimal development plan for the field, including costs, schedule and project economics in order to obtain a Final Investment Decision (FID).
- Once the FID is made, Stage 4, the Execution of the Development Plan, (essentially the Field Construction period) takes place.
- Stage 5 is devoted to the long-term Management of Production Operations. At this stage, the objectives are to optimize production, improve efficiency and maximize the net present worth of the asset by often making additional investments to recover incremental reserves. The longer and the safer the installations are up and running, the better is are their return on investment.
After contracts are signed, at least two years are usually required to complete all the tasks and begin production. The projects are divided into nine discreet steps from initial planning to production and maintenance. Reviews are conducted after the completion of each stage and full agreement with the client will be required before proceeding to the next stage.
BOD – Basis of Design; CWOP – Complete Well On Paper; EOWR – End Of Well Report; FMEA – Failure Modes Effect Analysis; HAZOP – Hazard and Operational Study; ITT – Invitation To Tender; PO – Purchase Order; PP – Project Plan; Sub-Assys-subassemblies; TPS – Third Party Suppliers; SIT – System Integration Testing.
Projects are managed by a project managers who report to the project boards. The projects are managed in work streams. Each work stream has milestones and targets to keep it on track within the overall project.
Rigorous project control is installed with each project to keep it on track, acting as an early alerting system and using effective escalation steps.
Comprehensive document management is the basis of full information available during engineering, system build, staff training, operations, maintenance, system optimization and capacity enhancements, operations support, emergency and recovery scenarios.
Turnkey and project quality plan: The project teams need to confirm that all project products are of the defined and agreed quality before they are signed off. Therefore thee quality of products will be measured against the acceptance criteria agreed within the product descriptions.