Offshore Study

To survive the current oil price volatility, operators look to contain cost increase and maintain high operational reliability. While cost control is always a robust strategy, there is also the need to balance it with the principles of Operational Excellence. Solomon’s Worldwide Offshore Production Operations Performance Analysis (Offshore Study) can provide this balance and help successfully position your company to exploit the current market.

Recent Offshore & Onshore Project Worldwide

With 30+ years of upstream benchmarking experience and the world’s largest database of upstream performance data and metrics, Solomon knows what “good” looks like for any given type of operation. The Offshore Study assesses your performance against peers and identifies cost and production improvement opportunities. The study focuses on critical KPIs, including operating cost, cost drivers, production efficiency, and uptime reliability.

Solomon’s experts understand that production is not the main offshore cost driver; unit costs do not indicate how efficient an operation is. Our proprietary normalized cost analysis (cost competitiveness) levels the playing field by considering the size and complexity of each asset, providing a better identification of efficient operation and realistic improvement opportunities. The normalized cost-efficiency assessment works to identify performance gaps between the asset and peer group leaders to provide potential cost optimization opportunities.

The Offshore Study analyzes both cost and production uptime performance at the asset level for several offshore production facility types. This “asset-to-asset” comparison enables true identification of the areas where your facilities could improve.

Peer Groups Based on Major Offshore Asset Types

The Offshore Study measures asset performance by analyzing your offshore operations, transportation activities that support those operations, offloading operations (tankers excluded), and overhead (management, technical, business support). This analysis enables a consistent and reliable basis for managing continuous improvement.

Join other industry members that leverage the Offshore Study to guide them to higher levels of sustainable business performance and create informed robust operational strategies.

Webinar: Leading Offshore Operators – Characteristics of Operational Performance Excellence

• Compare with top-industry peers
• Assess the effectiveness of your operating cost-cutting strategy
• Define robust strategies and tactics to deliver sustainable performance and costs
• Pinpoint “cost drivers” for each asset type
• Refine sustainability measures of carbon emissions and energy efficiency
• Analyze uptime reliability performance issues on a consistent basis across companies and assets
• Determine turnaround performance
• Formulate expense optimization plans to eliminate shortfalls
• Establish performance targets and measure progress

Study participants receive the following:

• Executive summary presentation with actionable insight supported by study data
• Customized diagnostic analysis, including conclusions, recommendations, and valued opportunity potential for each asset
• Private debriefings with Solomon operations advisors