Optimum Economic Developments of Mature Eastern European Oil Fields - A Case Study (SPE-113302)

摘要

Following the acquisition of 51% of Petrom by OMV in December 2004, the management team saw an opportunity to completely redesign their overall investment appraisal process aiming to bring it to a level comparable with the best in the industry. The processes in place under state ownership were focused primarily on production maintenance and lacked the economic and financial discipline required to simultaneously maximize return to shareholders. The implementation of a modern project appraisal and investment analysis system was therefore a major imperative of post-acquisition change management. In this situation availability of quality data was a major barrier to progress.