Reducing Cycle Time to First Oil for Deepwater Field Developments

The cycle time to first production is a primary determinant of the net present value (NPV) of an oil and gas asset. The cost, complexity and risk inherent in deepwater field developments, combined with the relative lack of experience in their execution, often encourages engineers to proceed cautiously in field development. However, a successful fast-track development schedule from discovery to first oil may bring significantly better economic returns. This paper investigates the key parameters influencing cycle time for different facility types, and outlines a wide range of measures that may be adopted to accelerate the time to first production.