Guidance on joint venture decision making

Draft SPE report introduces decision makers’ ‘bill of rights.'

The Society of Petroleum Engineers (SPE) has released a draft of a future technical report on decision quality in multi-company upstream projects. The report was drafted by a committee of subject matter experts with input from a session at last year’s Annual Technology Conference and Exhibition. The SPE reports that 80% of recent large upstream projects ‘underperform’ and 30% had either significant cost overruns or schedule slippage. 64% experienced ‘enduring production attainment problems.’

The guidelines were inspired by the Society of decision professionals, in particular the Decision maker’s bill of rights. This argues that while decision makers have the ‘right’ to a framework that structures their decisions, there should also be room for ‘creative alternatives.’ Even if these detailed instructions are not all fully implemented, there are some interesting ideas on structuring the process.

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