The ValVestris iVal review tool is a searchable database, that has its use primarily in the oil and gas industry. The tool makes the hundreds of years of collective experience of the ValVestris partners and associates available for technical and managerial reviews. Using iVal ensures that the right questions are asked in technical and management space to help learn and avoid past mistakes. Specific topics addressed in iVal are pre-FID surface and subsurface studies, engineering and well engineering, project management, supply chain management and CO2 storage. The key is the integration between functions. iVal also covers general management aspects like risk and uncertainty management, strategy and decision quality. In addition, iVal allows benchmarking of client maturity in the various technical, commercial and leadership areas. to develop a “best in class” approach.
The iVal tool supports most aspects of decision-making excellence and provides a deep insight into a company’s performance. This potentiaal ranges from technical aspects all the way up to project definition and execution. Not only should the right plan be matured to deliver the best value, but the organisation should also be capable to safeguard and deliver that value. That is why the iVal tool reviews through multiple lenses. Next to providing a technical and commercial lens, the tool allows the generation of useful insights into staff capabilities and integration. Furthermore, it provides a view whether management systems, partner alignment and company strategy are aligned to deliver on an important project or initiative.
Set-up of the ValVestris iVal Review Tool
First and foremost, the iVal allows the user to generate a subset of questions from a database of well over 350 questions to conduct a review. The questions used by ValVestris when they review performance, processes or project proposals are complemented by a description of “need to knows”, key learnings and potential pitfalls. These are based on the extensive experience of our staff and the many issues and problems they have encountered throughout their careers.
Four graded answers or proof-points are basis for placing responses into a perspective of quality and/or maturity as is shown for the subsurface related questions below.
By grading the answers during a review, ValVestris can provide a deep insight into the maturity of the various aspects underpinning a high-level decision. This covers everything ranging from technical maturity of the completed work to staff capabilities and integration as well as the quality of the lower-level decisions already made. With the answers to the questions ranked along the proof-points, plots are generated that show the maturity of an aspect of an organization or a piece of work in a relative perspective, like risk assessment radar plot below.
ValVestris has been using The ValVestris iVal Review Tool since its first project. We will continue to develop its contents further both through the learnings from the ValVestris reviews. we also bringing in more external knowledge to improve or deepen certain areas. Our view is that a tool like iVal will always benefit from further development as learning is never exhausted.
As a side note, ValVestris is not proposing that all answers need to meet a “world class” standard. However, we are convinced that a lower score will lead to a fruitful discussion on whether improvement will impact project value or can lead to a significant reduction in project risk.
Also, flavours of the iVal tool are part of our other blogs on this website. A wide variety of topics regarding decision making in the oil and gas industry is used in the articles (See our expert articles here).
A blog by Hans Goeijenbier