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Case of Eni and Mellitah Oil & Portland State University PDXScholar Dissertations and Theses Dissertations and Theses 9-2-2020 A Scoring Model to Evaluate Offshore Oil Projects: Case of Eni and Mellitah Oil & Gas Abdulhakim Giadedi Portland State University Follow this and additional works at: https://pdxscholar.library.pdx.edu/open_access_etds Part of the Petroleum Engineering Commons Let us know how access to this document benefits ou.y Recommended Citation Giadedi, Abdulhakim, "A Scoring Model to Evaluate Offshore Oil Projects: Case of Eni and Mellitah Oil & Gas" (2020). Dissertations and Theses. Paper 5601. https://doi.org/10.15760/etd.7473 This Dissertation is brought to you for free and open access. It has been accepted for inclusion in Dissertations and Theses by an authorized administrator of PDXScholar. Please contact us if we can make this document more accessible: [email protected]. A Scoring Model to Evaluate Offshore Oil Projects: Case of Eni and Mellitah Oil & Gas by Abdulhakim Giadedi A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Technology Management Dissertation Committee: Tugrul U. Daim, Chair Ramin Neshati Richard C. Sperry Birol Yesilada Portland State University 2020 ABSTRACT Offshore oil projects have many different and unique characteristics, such as larger project size, higher number of scopes, and higher complexity. In fact, offshore oil projects described as mega projects are ones that require significant assessment and acquisition methods in order to reduce risks and failures. Traditionally, cash flow analysis and return on investment are the most known factors to evaluate offshore oil projects. However, there are several other internal and external factors that affect the overall performance of offshore oil projects. A comprehensive approach and advanced tools are required to evaluate these factors that can have a significant impact before any investment decisions are made. This study emphasizes some critical and challenging factors that affect the successful implementation of offshore oil projects and scores these factors to highlight their weight of impact on offshore oil projects using a hierarchical decision model (HDM). A comprehensive literature review was conducted to recognize the complexities of these factors. Four perspectives were identified in order to assess the attributes that are necessary for successful offshore projects. These perspectives are economical, technical, political, and safety and environmental. Under each perspective, there are multiple criteria that are linked to each other with complex processes and unique challenges. A hierarchical decision model, along with desirability curves, was implemented to evaluate offshore oil projects in order to improve investment decisions and reduce failure. i DEDICATION I dedicate my dissertation work to my family for their endless love, support and encouragement. To my beloved parents, Abdussalam and Sabria To my lovely wife, Rowida Milad To my kids, Abdulssalam, Aisha and Atika ii ACKNOWLEDGMENTS I would like to thank the following people, without whom I would not have been able to complete this research, and without whom I would not have made it through my doctoral degree! First of all, I would like to express my sincere gratitude to my adviser and committee chair Dr. Tugrul U. Daim for the continuous support of my Ph.D study and research, for his patience, motivation, enthusiasm, and immense knowledge. Without his guidance and persistent help this research would not be possible. I would also like to express my deepest appreciation to my committee members, Dr. Ramin Neshati, Dr. Richard Sperry, and Dr. Birol Yesilada, for their encouragement and insightful comments. I am grateful for all the time, effort and advice they have offered me during this research. This research would not have been achievable without the active participation, input, and feedback from dozens of subject matter experts, who took time from their busy schedules to understand the research and to help in the validation, quantification, and application of the research model. My sincere thanks also goes to all of them. Last but not the least, I would also like to acknowledge the support and dedication of Mohamed Swesi, Kosha Amin and Shalah Ghumiem as well as all of ETM department faculty members, staff, and friends who have been a great source of support. iii TABLE OF CONTENTS ABSTRACT ........................................................................................................................ i DEDICATION ................................................................................................................... ii ACKNOWLEDGMENTS ............................................................................................... iii LIST OF TABLES ......................................................................................................... viii LIST OF FIGURES ......................................................................................................... xi LIST OF ABBREVIATIONS ....................................................................................... xiii CHAPTER 1: INTRODUCTION .................................................................................... 1 1.1 PROBLEM STATEMENT ............................................................................................ 2 CHAPTER 2: LITERATURE REVIEW ........................................................................ 4 2.1 OIL AND GAS INDUSTRY ............................................................................................ 4 2.2 OFFSHORE OIL PROJECTS ........................................................................................... 7 2.3 OFFSHORE OIL PROJECTS PERFORMANCE ................................................................ 10 2.4 ROOT CAUSES OF OFFSHORE OIL PROJECT FAILURES ............................................... 13 2.5 OFFSHORE OIL PORTFOLIO MANAGEMENT AND PROJECT SELECTION ..................... 15 CHAPTER 3: FACTORS AFFECTING OFFSHORE OIL PROJECTS ................. 17 3.1 ECONOMICAL PERSPECTIVE ..................................................................................... 17 3.1.1 Oil Price Behavior ........................................................................................... 17 3.1.2 Initial Cost ....................................................................................................... 18 3.1.3 Operational Cost .............................................................................................. 18 3.2 TECHNICAL PERSPECTIVE ........................................................................................ 19 3.2.1 Size and Complexity ......................................................................................... 20 3.2.2 Operational Difficulties ................................................................................... 20 3.2.3 Production Performance .................................................................................. 21 3.2.4 Reservoir Uncertainty ...................................................................................... 22 3.3.POLITICAL PERSPECTIVE .......................................................................................... 23 3.3.1 Government Stability ....................................................................................... 23 3.3.2 Conflict Over Maritime Claims ....................................................................... 24 3.3.3 Policies, Regulations and Governance Standards ........................................... 25 3.3.4 Contracts Complexity ....................................................................................... 25 3.4 ENVIRONMENTAL PERSPECTIVE ............................................................................... 26 3.4.1 Air Emissions ................................................................................................... 26 3.4.2 Solid & Liquid Waste Management ................................................................. 27 3.4.3 Noise Generation ............................................................................................. 29 3.4.4 Oil Spills ........................................................................................................... 29 3.5 SAFETY PERSPECTIVE .............................................................................................. 30 3.5.1 Hazard Identification and Risk Management .................................................. 30 3.5.2 Implementing Health, Safety and Environmental (HSE) ................................. 31 CHAPTER 4: RESEARCH APPROACH AND METHODOLOGY ........................ 33 iv 4.1 RESEARCH APPROACH .............................................................................................. 33 4.2 RESEARCH GAPS ...................................................................................................... 35 4.3 RESEARCH OBJECTIVES ............................................................................................ 39 4.4 RESEARCH QUESTIONS ............................................................................................. 39 4.5 RESEARCH METHODOLOGY ..................................................................................... 40 4.6 EXPERTS SELECTION ................................................................................................ 43 4.6.1 Challenges Associated with Expert Panels Formation .................................... 45 4.7 RESEARCH VALIDITY ..............................................................................................
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