What is an Oil & Gas Extraction Strategy Plan?
An Oil & Gas Extraction Strategy Plan is an organized approach to identifying the objectives and goals of a company and developing the necessary steps to reach these goals. The plan focuses on areas such as cost optimization, safety, and productivity, and establishes measurable targets (KPIs) to track progress. It also outlines projects, or specific actions, to be taken in order to achieve the desired results.
What's included in this Oil & Gas Extraction Strategy Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Oil & Gas Extraction Strategy Plan template for?
This Oil & Gas Extraction Strategy Plan template is for companies involved in the exploration, extraction, and production of oil and gas resources that are seeking to develop or improve their strategic plans. The template will provide the necessary guidance to help create a clear roadmap for achieving the desired objectives.
1. Define clear examples of your focus areas
A focus area is an area of the company that you would like to address in your strategy plan. Examples of focus areas could include cost optimization, safety, and productivity. For each focus area, objectives should be identified that are related to that area.
2. Think about the objectives that could fall under that focus area
An objective is a specific goal that you would like to achieve related to a particular focus area. The objectives should be measurable, meaning that there should be a way to track progress and gauge success.
Examples of some objectives for the focus area of Cost Optimization could be: Reduce Operational Costs, and Improve Efficiency.
3. Set measurable targets (KPIs) to tackle the objective
KPIs, or key performance indicators, are metrics that are used to measure progress towards the objectives. It is important to set realistic targets that can be tracked on a regular basis in order to assess the success of the plan.
An example of a KPI for the focus area of Cost Optimization could be: Reduce manual labor cost from $35/hr to $20/hr.
4. Implement related projects to achieve the KPIs
Projects, or specific actions, are the steps that must be taken in order to meet the objectives and KPIs that have been identified. It is important to ensure that the projects are achievable, realistic, and properly resourced.
An example of a project related to Cost Optimization could be: Increase Automation.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform helps companies create, track, and manage their oil and gas extraction strategies. It provides a comprehensive suite of features that enable teams to collaborate and stay organized, as well as visualize progress with customizable reports and dashboards.