How can you ensure a petroleum project is resilient to external shocks?

2 Design for flexibility

One of the ways to enhance the resilience of your petroleum project is to design it for flexibility. This means that you can modify or adjust the project's scope, scale, timing, technology or operations according to the changing conditions and needs. For example, you can use modular, scalable or reversible components that can be easily added, removed or replaced; you can adopt adaptive or incremental approaches that allow for learning and feedback; you can incorporate contingency plans or buffers that can cope with unexpected events or delays; or you can use innovative or alternative technologies that can reduce costs, risks or environmental impacts.

3 Diversify the portfolio

Another strategy to ensure the resilience of your petroleum project is to diversify your portfolio. This means that you can reduce your exposure or dependence on a single or dominant source of revenue, resource, market or partner. For example, you can explore or develop multiple reservoirs, fields or basins that have different characteristics, locations or potentials; you can produce or sell different types or grades of oil or gas that have different demands, prices or specifications; you can access or serve different markets or customers that have different preferences, needs or behaviors; or you can collaborate or partner with different stakeholders that have different skills, interests or values.

4 Monitor and update

Finally, to ensure the resilience of your petroleum project, you need to monitor and update your project's performance, assumptions and plans regularly. This means that you can track and measure the actual results, costs, risks and impacts of your project against the expected or planned ones; you can review and revise your assumptions and scenarios based on the latest data, information and trends; you can adjust and optimize your project's design, strategy and operations based on the feedback, learning and experience; or you can communicate and report your project's progress, challenges and achievements to your team, management and stakeholders.

By following these strategies, you can ensure that your petroleum project is resilient to external shocks and can thrive in a dynamic and uncertain environment.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?