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As resource owner, host authority, project enabler, and industry shaper, PETRONAS Malaysia Petroleum Management (MPM) has embarked on Asset Value Framing (AVF) since 2016 for its key assets in Malaysia. AVF is designed to provide an avenue for all stakeholders to generate opportunities in an integrated and holistic manner, with values associated, key risks and uncertainties identified, and the enablers and success factors tabled out. It is aimed to evaluate and consolidate all opportunities and synergies both within the Production Sharing Contract (PSC) and outside PSC boundaries with the intent to maximize field life value. The AVF provides a platform to establish a common roadmap shared by MPM and the Contractor to formulate further development steps, maximize economic recovery (MEC), slow production decline, understand the risks, challenge the givens, and to review new technologies to improve field performance. Short, medium, and long term opportunities associated with reservoir redevelopment and optimization, improved and secondary recovery, near field exploration, well management, operational excellence, cost reduction, facilities optimization, and commercial opportunities are identified and evaluated. An asset roadmap, activity planning, and short term action plans are developed at the end of the AVF workshop, which is agreed and supported by all parties. A clear stack of opportunities for the remainder of the field life, with value and cost associated to each opportunity, become a guiding principle for field growth for all stakeholders. This alignment has enabled consistent planning of project sequencing, resources optimization, and resolution of commercial issues. Opportunities identified in the AVF are later matured, actionized and approved through established MPM channels of Asset Development Integrated Review (ADiR) and Asset Management Integrated Review (AMiR) processes. |
