Our client was interested in a farm-in arrangement for a large, integrated mature asset. The facility comprised five central processing units (CPUs) and four wellhead platforms (WHPs). There were several project challenges, including:
- establishing an integrated, effective working team with the incumbent operator
- developing a workable staged asset transfer plan over a 14-month period, involving ten different functions
- managing the key ‘long lead’ time constraints on the project, primarily involving data, people and contracts
- developing technical and non-technical strategies to focus on managing key transition risks.
How we helped
We joined our client’s team over 14 months. We provided transition management expertise, with a technically biased focus, in the following key areas:
overall transition planning and risk management
operations, including competency assurance
wells, projects, IT and data management
logistics (warehousing and sparing)
procurement and contracting strategies.
In this time, we produced a number of important documents, including:
operatorship transfer agreement and key principles, embedded into the heads of agreement
operatorship transfer principles and guidelines (OPT&G), developed with the incumbent operator
transition interface guidelines
field block transition manual.
We helped our client develop over 430 specific strategies and plans to form the operatorship transfer principles and guidelines (OPT&G). This work underpinned the basis of the ‘heads of agreement’, enabling both incoming and outgoing operators to be aligned on the asset transfer methodology and metrics.
In short, this support enabled the deal to be workable from an operational, HSE and time perspective, addressing challenging but key issues on delineation of accountabilities.
“Overall, the Lloyd’s Register team – led by the project director – became an integral part of the transition team, balancing perfectly the co-ordinating [tasks and] managing internal and external interfaces in some areas, and providing deep technical expertise in others… keeping the wider Talisman team in line with overall 'pre-HoA' transition objectives (a different situation to a post-HoA phase) was equally a key success factor… Finally, the consulting style adopted by Lloyd’s Register meant that strong relationships were formed with both the Talisman team and the incumbent operator, which drove progress in areas that would otherwise have been difficult."
What we think
LR's experts regularly share their research and insights.