Asset Value Assurance (AVA™) is a process which identifies opportunities to enhance production, increase value and manage risks at all stages of the asset life cycle.
The process is carried out by a multi-disciplinary TRACS team working with the client’s project team over a short period of time to identify sources of added value, major project risks and mitigation actions.
The process is designed for teams who are facing an investment decision and require an independent review of whether the options considered to date cover the range of plausible cases, address the alternatives, evaluate uncertainties and risks and deliver the full value of the project.
Duration
Learning Level
The multidisciplinary composition of the TRACS team allows us to cover all subsurface wells, facilities, HSEQ and commercial aspects of an upstream E&P investment opportunity. Where legal issues are important, we call upon established alliances with renowned companies to add to our team. Over the last five years TRACS has successfully applied the AVA process internally, adding value to projects and highlighting actions required to reduce project risk.
The AVA process has been demonstrated to add tangible value by generating better alternative development plans, and by identifying specific actions which can reduce risk in a project.
The AVA process is a six-step review of an asset activity plan which is best performed in conjunction with the client’s project team. Over a period of between three and ten days and using a series of analytical tools, including force field analysis, decision quality nets, stakeholder analysis, risk matrices, risk registers and activity planning, the process challenges aspects of the project plan, such as:
The results of the process are captured in a report which specifies the actions required of the project team to achieve the enhancements identified and the necessary risk reduction.
The duration depends on the complexity of the project, but is typically 3 – 5 days.
For complex projects with multiple fields up to 10 days of work can be planned from a TRACS integrated team.
BSc, MBA
40+ years - reservoir engineering, economics and risk analysis
Mark develops and runs courses in Early Development, Business & Risk and Reservoir Engineering series. He has a career background at Shell, TRACS (Director), and AGR (VP). Mark is Author of ‘Petroleum Economics and Risk Analysis’ and co-author of ‘Hydrocarbon Exploration and Production’, an SPE distinguished lecturer, and guest lecturer at Heriot-Watt University.
BSc, MEng
35+ years - reservoir engineering
Jerry mainly tutors courses in the Reservoir, Early Development, and Open Air Series. He has a career background at Shell, TRACS and AGR. Jerry is co-author of ‘Adventure Trekking in Oman’.
MEng, CEng, BSc
40+ years - reservoir engineering and commercial
Richard runs courses in Reservoir and Business & Risk series. He has a career background at BP, AGR and TRACS. Richard is a global advisor, business planning & economic analysis.
Energy transition and renewables
Early development
E&P overview
Reservoir
Wells
Business
Open air
Uncertainty and Risk
e-Products
