Abstract

The changing diversified business environment, based on an inevitable necessity to establish an equitable global partnership to protect the integrity of natural and social environment in the economic developmental systems, recognizing the integral and interdependent nature of the "Mother Earth", offers Petroleum sector in general, and Exploration and Production Industry in particular, many opportunities and challenges, in terms of widening gap in demand and supply of oil and energy, enhanced concern to degrading environmental issues, and growing imbalances in economic and social priorities, to achieve a sustainable developmental paradigm shift.

The Petroleum Industry, world-over, is shifting its emphasis to redefine growth strategies through emerging technological excellence, incorporating Portfolio, Resource and Knowledge Management, harmonizing - technology, people and process with economic, social and environmental system - integration, from costreduction to more diverse asset-management practices, improving productivity with environmental and social responsibilities.

The paper emphatically describes a new paradigm of System Integration to provide a fast, effective and cost-efficient way of analyzing and improving overall asset value with sustainable growth of petroleum industry, minimizing economic and social imbalances in serving society and reduced environmental impact of oil & gas production.

In the present complex scenario of business environment, advanced technology is now available to analyze and govern all technical, economic, social and environmental decisions in the petroleum industry as well. As a new methodology, decision-tree analysis, well applicable in oil and gas industry, is helping decision makers to prioritize problems, understand the impact of factors that influences the decision, evaluate uncertainty, quantify the value of new information and build confidence to design a frame-work for more difficult and multidisciplinary problems, by validating it for promoting a sound decision, balancing environmental and social responsibility with economic analysis. In addition, the petroleum Industry is now able to extract- advantage of asset management techniques, that view, projects, society, environment and economics as interdependent portfolio. Studies show that the petroleum industry is using Decision Tree-Analysis and Portfolio-Management tools for field development programs and economic analysis as well as portfolio optimization and opportunity management to combine technical, economic, social and environmental information to meet targeted levels of production, revenues and reserves,

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