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Defining an asset as an exploration license, a discovery, or a producing oil or gas field, including all the infrastructure, facilities, equipment, and services –  asset management begins with acquisition of the exploration license and continues through exploration, appraisal, development, production, and abandonment.

Successfully managing the asset with the view to maximize its value requires developing a plan, extraordinary attention to discipline quality and integration, a careful management of handovers in lifecycle phases, and a rigorous discipline to continuously improve by conducting well planned post audits. Topics covered include:

• Defining the contents of an Asset Management Plan
• Providing an Asset Management context by examining External Factors such as fiscal terms, host government policies, regulatory requirements, partner’s and other stakeholders concerns, macroeconomic factors including prices of products and goods and services, and Internal Factors such as company policies, external commitments, resources, decision process and criteria, roles and responsibilities, authority guidelines, rewards, budgeting process and budget constraints
• Describing Asset Management Process, key decisions, decision criteria, and deliverables required for the decisions
• Multi-disciplinary team members roles, and information needed from each discipline in various stages of the asset life cycle
• Managing and monitoring discipline quality
• Overview of Asset Management Tools – Decision Mapping, Front End Loading, Decision and Risk Analysis, Value of Information, and Value Improving Practices
• Explaining asset management process and tools with a field example
• Role of benchmarking, post auditing and continuous improvement
• Examples of mistakes that are frequently made in managing assets