Project portfolio prioritization strategy to extend the service life of offshore platforms – a Prométhée V approach

Abstract

This study puts forward the implementation of Multi-Criteria Decision Aid, through the PROMÉTHÉE V method, to support a decision on prioritizing a modification project portfolio on offshore oil and gas platforms. The chosen method supports, in a structured manner, the prioritization of a project portfolio which is necessary to leverage the oil production in offshore facilities, especially when they have already surpassed the plateau phase and presents production decline. Although the most relevant issues for investors are related to return on investments and the risks involved, the study suggests that other criteria are considered in specific settings. The research used data from 12 main projects of an oil and gas company and the criteria evaluations were made based on documents retrieved from the organization's database. This implementation represents a very important improvement for a well-known problem, in which the result is found based on criteria and their respective weights selected through a consensus. The results reinforce that any organization, with a constraint similar to the one presented in this study, may obtain relevant gains with the use of methods that clearly reflect the decision process and its criteria, assisting the decision maker's job significantly.

Proposed Project Selection & Prioritization Framework during Front-End Planning (FEP) for Revitalization Project Portfolio at Indonesian Oil Refinery Plant

“…This revitalization term distinguishes it from projects carried out on new land (green fields) where obstacles from existing facilities will not be in the picture [4]. If accomplished, the revitalization process will benefit the company [5]. The company must figure out how to find the correct revitalization configuration for the refinery that can increase its value of the refinery [6].…”