The Research On The Risk Management Of Yitong’s Exploration And Development Integration Projects

With the development of basin exploration, exploration and development integrationbecomes more and more important. It includes resource evaluation exploration whiledeveloping, probable and proved reserve submitting, risk assessment and new block capacityevaluation.Risk management is an important part of project management. Risk management ofexploration and development integration project play an important role on reducing projectrisk events, improving efficiency and profitability. Exploration and development projects arecomprehensive, with high risk, long investment recovery period and uncertainty etc.Therefore, the study of risk management is very important to petroleum exploration anddevelopment for oil companies in China.This paper takes risk management of the exploration and development integration as theresearch subject. Methods includes drawing on the experience of previous studies,combination of qualitative and quantitative analysis, multi-disciplinary theories, risk analysisand management, project management, petroleum exploration and development related basictheories. Through analysis on risks that may be encountered on exploration and developmentof integration process. to determine risk management contents and procedures of Yitongbasin of exploration and development integration projects:1. Questionnaires, risk factor in-advance analysis and brainstorm to identify andanalyze risks;2. Establishing YiTong oil and gas resource evaluation template, risk factor analysis todetermine risk level of different reserves, appropriate start-up phase measures for the projectrisks, pre-disposal of project risk management measures;3. Quantitative assessment carried out for possible risks in the project implement.Avoiding, control, retain and transfer risk management method are applied to the YiTongintegration project of exploration and development, and provide process methods for majorricks;4. Evaluation and estimation on risk management process, results and effectiveness inproject risk management.This paper is a theory probing into risk management of exploration and developmentintegration projects to provide a new way for the establishment of risk assessment methodsin the integration of exploration and development projects, and to provide scientific basis fordecision making for risk management integration of exploration and development. This paper also makes basic works to improve the exploration and development of integratedproject system.