Pertmaster helps bring Venture’s new oil field on stream – early and on budget

Pertmaster helps bring Venture’s new oil field on stream – early and on budget

• With Pertmaster’s software aiding project risk management, on 7th August 2006 Venture Production successfully commenced production from the Goosander oil field in the North Sea

GUILDFORD SURREY, UK – 4th September 2006 – Pertmaster, a provider of project risk and analysis software for Project and Portfolio Management (PPM) environments has today revealed that UK oil and gas production company Venture Production plc used Pertmaster software to help it bring the Goosander oil field project into production in the North Sea – almost four weeks ahead of schedule and just under budget.

“Oil production projects are complex activities, with many risks present; both threats and opportunities. By using Pertmaster to help us collate and assess risks we were able to build realistic project schedule scenarios and select those that offered the highest levels of likely success. Throughout the project we then used Pertmaster to guide us in managing risks effectively,” said Chris Bird, Venture’s field development manager.

Goosander is expected to deliver some 10,000 barrels of oil equivalent per day (gross) from a recoverable reserve estimated at 15.2 million barrels. A sub-sea tieback within the Greater Kittiwake Area, it is a relatively large example of this type of extraction method. Its size made it a technically and logistically complex project and included the manufacture, tow and sea-bed installation of the world’s longest moveable structure; a 7.5km long bundle of flow lines and control systems.

Using Pertmaster, Venture’s project management team was able to add a risk dimension to plans built in its Primavera P3 scheduling solution. Venture then analysed the schedule-risk of multiple scenario options to look at the most probable outcomes of each, in terms of both timescales and costs. This enabled the best options to be highlighted when considered from both likelihood of risk occurrence and degree of impact and enabled management to take well-informed decisions.

“Pertmaster has given us added project intelligence helping us create and communicate realistic projects plans. It has encouraged open risk discussion and at each stage and has helped us to steer resources for ultimate project success: delivery within budget and to timescales,” said Bird.

“Complex projects are often in the news for running late or over budget,” said Sarim Khan CEO at Pertmaster. “Businesses which use Pertmaster are able to determine, with considerable certainty, both the most likely risks affecting their overall project, as well as the risks with the greatest consequences, allowing resources to be very effectively targeted to ensure timely and on-budget delivery. We are delighted that Pertmaster was of such help to Venture Production.”

Following its positive experiences of using Pertmaster for the Goosander project, Venture Production has decided to adopt the software as its enterprise standard for project risk management.

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About PertMaster
PertMaster is a provider of risk and analytics software for Project and Portfolio Management (PPM) environments, especially in oil and gas exploration, engineering, manufacturing, construction, aerospace, defence and government. Some 7,000 projects around the world incorporate PertMaster solutions to help management model and control risk and uncertainty on portfolio costs, resource requirements and schedules. Many projects also use PertMaster’s conditional logic (‘what if’ scenarios) such as for weather modelling. Key customer benefits include: improved project bidding, smarter project execution and control, more realistic project expectations, better risk-balancing of project portfolios and improved communication of risk to stakeholders. PertMaster is a Microsoft Certified Partner, Microsoft ISV/Solutions Partner, Microsoft VBA partner as well as a Primavera Technology Partner. For more information please visit our web site at: http://www.pertmaster.com

About Venture Production plc
Venture Production plc is a leading new generation oil and gas company whose focus is on acquiring, developing, and revitalising ’stranded’ reserves in the North Sea – oil and gas fields with proven but untapped potential. It brings together advanced technology, modern operating practices, and a talented team of project managers, engineers, geologists and other professionals – ready to focus on fields that may no longer fit the portfolios of other companies. Formed in 1997, by 2006 Venture was producing over 40,000 barrels of oil equivalent per day and it is targeting over 70,000 by 2008/9. Venture is listed on the London Stock Exchange (Ticker : VPC) and more detailed information can be found at the web site at: http://www.vpc.co.uk