Many companies, both international and national producers, are faced with the challenge of increasing reserves and production. Opportunities are often limited – enhanced oil recovery (EOR), gas shales, ultra-heavy oils, deep reservoirs and exploration - each with their own challenges. Understanding best practices in managing risk for EOR projects will facilitate using these processes to commercialize new resources in existing reservoirs. The challenge for EOR is typically one of managing risk, so that investments can be made with an acceptable certainty of achieving the desired objectives. EOR is new to many organizations. It is frequently not well established in areas of interest. Performance histories are lacking. Support systems are weak. Training needs for engineers, operators and managers are high. Figure-1: World Oil Production Outlook In this paper we recommend management and engineering design processes to manage technical and business risks. When followed, wasted time and money are minimized and the chances of success are increased. There is a structured approach to developing technology in an efficient and cost effective manner and to bringing all stakeholders together as decisions are reached.
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