Digital Oilfield: Independent Verification and Validation
A super Independent Oil & Gas company retained the firm to conduct an IV&V for a proposed project valued at approximately $8 million to transform an old brownfield oilfield into a digital oilfield. The firm met with the client at their facilities to assess the economics of the project. Multiple interviews were conducted across several departments of the organization.
Using our Economic Value Proposition Matrix® (EVPM) model, over 30 areas of possible value were identified. These included “Directly Measurable” and “Not Directly Measurable” (Intangible) areas where the digitalization process made economic sense.
Based on the results of this IV&V, the project was a Go!
Note: The Project Management Institute’s PMBOK guide, 4th edition, a standard adopted by IEEE, defines:
- “Validation. The assurance that a product, service, or system meets the needs of the customer and other identified stakeholders. It often involves acceptance and suitability with external customers. Contrast with verification.”
- “Verification. The evaluation of whether or not a product, service, or system complies with a regulation, requirement, specification, or imposed condition. It is often an internal process. Contrast with validation.”