Program and Portfolio Management in the Oil and Gas Industry: Technology Support for Best Practices
by James Young; Indeco Ltd, Managing Consultant
Dan Palomino; Primavera Systems, Inc. Industry Marketing Manager, Power, Energy & Process
Anthony Guevara; BearingPoint, Inc. Senior Consultant, EPM Practice Lead
Executive Summary
The unprecedented influx of new capital and expansion projects in the Oil & Gas industry has brought to light the current lack of adequate project controls and their significant impact on the bottom line. Eroding market share and squeezed profit margins are two possible consequences of poorly conceived – or executed – project delivery methodologies. To counter this threat, firms in this sector must put into place project and portfolio management (PPM) best practices to help reach their financial goals while protecting themselves from risk. Risk continues to grow in this industry as a result of increased demands against petrochemical plants, high utilisation rates at
refineries, and a resource utilisation crisis created by thousands of retiring industry workers. To face all of these risks, Oil & Gas organisations need to standardise best practices.
Standardisation is simply not possible without implementing technology that enables best practices to be carried out across the enterprise. This white paper focuses on the fundamentals necessary to support best practice project and portfolio management and the underlying systems that help firms optimise PPM best practices in both downstream and upstream environments.
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