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You're overseeing a drilling project. How can you keep stakeholders informed to maximize success?

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When you're at the helm of a drilling project, your ability to communicate effectively with stakeholders is pivotal for its success. You need to establish a clear, transparent, and continuous line of communication to ensure that everyone involved is aligned with the project's objectives and progress. Stakeholders can range from investors and partners to regulatory bodies and local communities, each with their unique interests and concerns. By keeping them informed, you not only build trust but also foster a collaborative environment where issues can be addressed promptly, minimizing risks and maximizing the project's potential for success.

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Vasyl Mykhailyshyn, PMP, ACP

Senior Delivery Manager/Head of Unit at Intellias
Sudeep Chatterjee

Director - Capital Markets Technology - London Stock Exchange Group

1 Project Updates

Regular project updates are the backbone of stakeholder communication. You should aim to provide comprehensive reports that cover progress, milestones reached, and any challenges encountered. These updates should be scheduled at regular intervals, perhaps weekly or bi-weekly, to maintain a rhythm of accountability. Utilize clear visuals, such as Gantt charts or progress graphs, to illustrate points effectively. Transparency is key; if there are delays or problems, share them along with the proposed solutions to maintain stakeholder confidence.

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Vasyl Mykhailyshyn, PMP, ACP

Senior Delivery Manager/Head of Unit at Intellias
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A governance process should be established. Reporting on a regular basis should cover not only progress but also other project management areas such as scope and schedule in the form of roadmaps or Gantt charts, important epics' completion status to achieve project milestones and goals, risks and issues review with clients, quality, resources, project budget, and so on. Depending on the project's nature, we should tailor processes to the extent needed. Working with risks together with clients is essential as, in the end, it only builds trust.

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2 Risk Management

Effective risk management communication is critical in drilling projects. You must convey current and potential risks to stakeholders, as well as the mitigation strategies in place. This involves detailing the risk assessment process, from identifying hazards like unexpected geological formations to the implementation of safety protocols and contingency plans. By doing so, you ensure that stakeholders are aware of the project's risk profile and your proactive approach to managing it.

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3 Financial Reporting

Financial reporting is a critical aspect of stakeholder communication. Offer clear and detailed financial statements that outline the project's budget status, including expenditures and forecasting. This financial transparency allows stakeholders to understand how their investment is being managed and provides them with the necessary information to make informed decisions. It also helps in building trust and credibility, which are essential for the long-term success of the project.

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4 Q&A Sessions

Hosting regular Question and Answer (Q&A) sessions can be an invaluable way to engage with stakeholders. These sessions provide a platform for stakeholders to voice their concerns, ask questions, and provide feedback directly to you. Ensure that these sessions are well-organized, with a structured format that allows for maximum participation. The insights gained from these interactions can help you to better understand stakeholder expectations and adjust project plans accordingly.

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Sudeep Chatterjee

Director - Capital Markets Technology - London Stock Exchange Group
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Q&A sessions or SteerCo or Demo's etc are excellent methods to keep stakeholders informed and also consult them for any questions or concerns. This needs to be two-way communication with short updates on key milestones (Focusing on red/amber deviations from baseline plan), open issues and risks and followed up with open forum to be asked any questions from various stakeholders who are interested in the programme.

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5 Technology Integration

Leverage technology to enhance stakeholder communication. Modern tools such as project management software can offer real-time data on drilling operations, which stakeholders can access for up-to-date information. Consider using collaborative platforms that allow for document sharing and communication channels that stakeholders can use to reach out with questions or concerns. By integrating technology into your communication strategy, you make it easier for stakeholders to stay informed and involved.

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6 Engagement Plan

Developing a comprehensive stakeholder engagement plan is essential. This plan should outline how you intend to communicate with different stakeholder groups throughout the project's lifecycle. Tailor your communication methods to suit the preferences of each group—some may prefer detailed reports, while others might appreciate quick, regular briefings. By having a structured engagement plan, you ensure that no stakeholder group is left out of the loop, fostering a sense of inclusion and partnership.

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You're overseeing a drilling project. How can you keep stakeholders informed to maximize success?

1

2

3

4

5

6

1 Project Updates

2 Risk Management

3 Financial Reporting

4 Q&A Sessions

5 Technology Integration

6 Engagement Plan

Drilling Engineering

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You're overseeing a drilling project. How can you keep stakeholders informed to maximize success?

1

2

3

4

5

6

1 Project Updates

2 Risk Management

3 Financial Reporting

4 Q&A Sessions

5 Technology Integration

6 Engagement Plan

Drilling Engineering

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