Development of a Prioritization Tool for BP Exploration (Alaska) Inc. Category C Projects

Abstract

The production of oil and gas in the major North Slope fields in Alaska is on the decline as it is in any major oilfield of this age. Capital resources must therefore be utilized with the greatest efficiency. BP Exploration (Alaska) Inc. (BPXA) Projects and Modifications Team (PMT) provides front end loading (FEL) engineering and construction planning services for category (Cat) “C” projects (range from $250,000 - $15,000,000) through BP’s Capital Value Process (CVP), a stage gated project development process. One of BPXA’s strategic objectives is to improve the utilization of Cat C projects capital resources. The project will develop and clarify business objectives ensuring only Cat C projects with strong business drivers will be funded, unless the project is an integrity or health and safety project. This approach will ensure that fit-for-service improvements are selected for execution.