This document outlines best practices for upstream asset management in the oil and gas industry. It discusses defining assets, both tangible like reservoirs and facilities, and intangible like data and relationships. It emphasizes the importance of tools, value engineering, peer review, decision review boards, project execution plans, stakeholder management, benchmarking, and lessons learned reviews to effectively plan, develop, operate, and improve assets over their lifecycle. The goal is to integrate disciplines, make sound decisions, ensure safety, cost efficiency, and operational excellence.

1. Best PracticesinUpstream Asset Management AkaChidike KSunlink Petroleum Limited

2. Upstream asset managementDefine Asset as anything that has value or returns valueUpstream assets refer to: Reservoirs, facilities,infrastructures

3. Data, technology, know-how

4. Relationships, social capital

5. “tangible” (reservoir/facility) or “intangible” (technology, relationships)assetsAcquisition, development, operation, disposal of oil & gas assets

6. VIPs & BPsTools used in planning, development and operation of O&G assetsWhy VIPs & BPs? Intrinsically high-risk, capital-intensive ‘ventures’

7. Multidiscipline integration and cross-functional alignment

8. Effective decision making

9. Safety, cost and operational excellence (OE)BPs & VIPs affects bottomline & OE thru improved decision making

10. Value engineeringA creative and organized method for optimizing the cost and function of an asset.Focuses on lowest life-cycle cost without reducing quality

11. Questions the opportunity/project requirements

12. Advises on the cost/benefit of those requirements

13. Proposes cost-saving alternativesInfluence - ExpendituresRapidly Decreasing InfluenceMajor InfluenceLow InfluenceFinal AuthorizationInfluenceExpendituresFront-end LoadingBestPracticalFELD-GD-GD-GPhase 3Phase 1Phase 2Phase 4Phase 5D-GIdentify & AssessDevelopSelectExecuteOperateFEL - All the activities done in phases 1, 2 and 3 defining the business opportunity, alternatives and developing a good understanding of the selected alternative.Front-end loading

14. Peer reviewReview of underlying assumptions

15. methodologies