PE is about definition, management and completion of actionable projects that minimize risk and maximize value to the organization. It is about ensuring that projects that are focused on modifying and improving the facilities and assets to reduce production variance and to drive out waste and complexity, while complying with regulations.
Achieving excellence in Project Execution means having a robust approach to building a project portfolio that focuses on maximizing value and reducing exposure to risk. It means having a visible and controlled approach to project delivery. It means that each stakeholder and project team member understands their role and what they are accountable for at each phase of the project. Finally, achieving excellence means systematically performing "look backs" and "after action reviews" to ensure that projects are delivering on the value proposition and that lessons are learned for the next project.
“After thirty-five years of doing P&A work, I’ve never seen a well that completed under budget until now; and we have remained consistent in our ability to execute at that level into the future."