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Risk and Opportunity Register
Analysing production losses is a good first step but remains reactive. The costs of the repair and the production losses are absorbed by the organisation.
For a proactive approach the risk to future production and the opportunities to increase production should be quantified and ranked as well as the actual losses.
A risk and opportunity register, also referred to as a vulnerability matrix, not only lists the opportunities but quantifies them. Quantification can be in terms of boe, mmscf, $ or £ value.
A key element to enable business decisions to be made using this information is to understand the consequences of taking no action and the likelihood of those consequences occurring. This risk can be charted using an organisations risk matrix or using the potential loss and weighting that with a percentage for the likelihood. For example if the control panels of the main oil line pumps require replacing due to obsolescence the potential loss (consequences) would be 6 months lost production (whilst a new system is designed and executed) but the likelihood may be 10% of that occurring due to the fact there is redundancy and some spares in stock. As the stock is used and no more spares can be purchased the likelihood of the consequence occurring will increase.
The risk and opportunity register is a dynamic document with the consequences and likelihood being updated as changes occurs.
PI will develop the risk and opportunity register along the process for input and review. The review would typically be a regular meeting, perhaps on a monthly basis, of the management team to be able to see the top risks and opportunities. They would be able to identify any new risks or opportunities that may over take ongoing work. This is also an opportunity for a review of the process being made and assistance can be given to remove any blockers which may be holding up progress.
A coaching and training can be developed to ensure that all staff understand their roles within the process and the importance of that role. An audit and improvement loop will also be implemented to ensure that the process is optimised and delivers quality data to the management team.