The project consists of a complete revamping of existing upstream facilities in Southern Iraq, then extended through a redevelopment plan. The complexity of the project execution and the high amount of CAPEX required a complete risks assessment.
Risk Assessment of Strategic Project
Kwantis set the risk management process for the project, including templates for risk register, quantitative models and reporting documents for the management and partners. Later updates were used by the Company to evaluate optimization scenarios in the project development.
“Understanding uncertainties is a key factor of success on mega projects”
The results of the quantitative CAPEX and schedule risks were presented at the various investment decision gates of the project. In a consortium based projects, a better understanding of the uncertainties supports the operator in presenting its strategy to his partners, by increasing the visibility on project possible outcomes.