In the petroleum business, the acquisition, exploration, and production functions are highly interrelated, yet they usually are conceptualized and managed as independent areas. Much of this separation is because of the very complex nature of both exploration and production operations. Another is that, financially, most companies evaluate exploration opportunities separately from production opportunities. To break through this traditional barrier, an approach called “GRASP” is a practical yet robust framework that helps management to identify, align, and leverage strategic operating resources within the area, and also to optimize these resources across the E&P divide, as well as with stakeholders outside the organization. It articulates and evaluates the Goals, Resources, Actions, Structures, and People that such an organization must have (or acquire) and effectively deploy to successfully compete in the modern E&P environment. E&P project analysis seen through the GRASP lens looks and feels very different.
[box type=”info”]Rabbino, Hal, Cleon Dunham, and James Ritchie-Dunham. 2004. Optimizing the Organizational Design of a Typical Upstream Exploration and Production Company, Journal of Petroleum Technology, February.[/box]
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