Project Delays & Cost Overruns

“If you do not change direction you may end up where you are heading”

Lao Tzu

In an industry that suffers from cycles in cost cutting, you cannot afford to operate inefficiently.

A huge proportion of operational delays and cost overruns are a result of:

  • Inadequate planning
  • Ineffective project management
  • Poor portfolio management

When different disciplines work in isolation without a unified plan inefficiencies are increased.

Attention to effective project planning is imperative regardless of business cycles. Consistency and transparency across an organisation is always required.

163

Upstream oil & gas projects

65%

Facing cost overruns

73%

Facing schedule delays

53%

Budget overuns on average

“Industry performance data suggests the factors that result in budget overruns or schedule delays are common across oil and gas projects.”

EY 2014; Spotlight on Oil and Gas Megaprojects

Eikos

Truth in drilling project management

Find Out More >

You can meet this challenge with Eikos

A standardised project process is an effective way to deliver projects in any economic environment. Using your company processes mapped into Eikos you can plan and oversee every well project.

You are supported by Eikos with:

  • Increased scrutiny and transparency
  • Effective implementation of your project management processes
  • Improved team efficiency with higher quality output
  • Better management oversight

Industry Challenges

Project Delays<br/>& Cost Overruns

Project Delays
& Cost Overruns

If you do not change direction you may end up where you are heading

Business Cycles

Business Cycles

Issues related to staffing will be the most critical challenge we have ahead of us

Global Lost Production

Global Lost Production

Over $30 billion lost every year for well integrity reasons

Well Risk Insurance

Well Risk Insurance

Mind the gap

Performance<br/>Advantage

Performance
Advantage

Tipping the balance in your favour

Unnoticed<br/>Losses

Unnoticed
Losses

The hidden cost behind apparent best practices

Oversight & Regulation

Oversight & Regulation

Meeting your obligations

Unseen Risks

Unseen Risks

Mastering Well Integrity is impossible if you cannot see the real risks

Well Abandonment

Well Abandonment

Avoid a sting in the tail

Catastrophic<br/>Failure

Catastrophic
Failure

We can’t afford to lose reputation – even a shred of reputation