SERVICES

ASSET MANAGEMENT

We view the world through the eyes of the asset owner. We can do this as our people have either worked for owners or have been part of integrated owner / service provider teams.

We have a deep understanding from the owner’s perspective and realise that expenditure is not necessary unless it sustains or creates value; that the execution of work is not an end in itself, but rather the means to achieve an objective. This understanding drives our behaviours, creates alignment and common goals that deliver the outcomes owners expect. The culture of our organisation, the way we work, and the knowledge and experience of our people are what make us unique and differentiate us from others.

Corinthian’s asset management expertise includes:

• asset development; planning, delivery, governance, and performance reporting
• life of asset planning
• budget development (annual and long term), review and optimisation
• joint venture management and alignment strategy development
• crisis and emergency response; plan development and business continuity planning
• integrated brownfield project portfolio solutions
• abandonment planning, cost estimate development (wells and facilities) and financial provisioning strategies

Our approach allows us to deliver optimum outcomes through the application of leading practices,  drawing upon an extensive knowledge base acquired across mature and late life European and Asia-Pacific oil and gas basins, both onshore and offshore.

PRODUCTION OPERATIONS

Corinthian’s Operations Management System underpins safe and reliable delivery of both duty holder and contract operator services, ensuring production targets are achieved and performance is sustained.

The scope of services provided by Corinthian is tailored to the characteristics of the asset, the facilities, the location and the asset owner’s requirements. RACI charts are used to document the division of responsibility between the owner and Corinthian, and define the scope of the operational services needed.

Our experience is that RACI charts provide absolute clarity of the division of responsibilities. RACI charts are developed for the major operating activities and capture, at task level, the responsibilities and accountabilities between the parties involved.

The mainstay processes used in the RACI charts include:

• Operator
• HSSE
• Reservoir / Sub-surface
• Drilling / Work-over
• Well Maintenance
• Facilities Management
• Facilities Operation and Maintenance
• Business Support Services
• Finance and Accounting
• Decommissioning, Abandonment and Site Restoration

The sub-surface characteristics of an oil and gas asset are determined by nature and despite the best efforts to enhance recovery, maintain production volumes and manage costs, eventually the unit cost exceeds the value of production, or, more typically, the asset may no longer be material to the original owner’s portfolio.

One of the keys to maximising recovery by extending the production life of the asset, is the base operating cost, which together with production volumes and commodity pricing, determine the timing of the end of economic recovery.

For contract operator services to make sense they must deliver a lower unit cost of production than is achieved using traditional operating business models. Alignment of objectives and business priorities is assured through the selection of Key Performance Indicators that reflect those aspects of asset performance that are valued.

Once freed from day-to-day field operations, owners have more time and resources to focus on their core business; the discovery, development and sale of oil and gas, leading to increased shareholder value.

PROJECT DEVELOPMENT AND DELIVERY

Our goal is to work with our partners and clients to identify opportunities, screen, filter and select those projects that stand up ethically and commercially, and which benefit and create long term value for local communities, where the projects are deployed.

Corinthian works with all parties to develop project objectives that represent the best outcomes for owners, stakeholders and local communities. Our approach identifies and quantifies specific local project requirements. We select the optimum project solution to match the opportunity needs.

Our strategy is to work collaboratively with community stakeholders, local small-to-medium enterprises, the wider regional supply chain and with project owners as partners. We aim to add value and not accumulate costs.

We combine proven technology to create fit-for-purpose, innovative project solutions. We do this using a proven, logical, and structured project delivery and assurance approach. Corinthian’s scalable model for delivery of projects from minor to major, follows the energy industry proven approach of a multi-phase project lifecycle. Our delivery template is time proven for each specific multi-phased and/or multi-site opportunity.

Corinthian’s opportunity and value realisation process, is designed to:

• identify the optimum project opportunity, consolidate the objectives. and prove the viability of the business case
• agree the implementation strategy and the way in which the project opportunity will be exploited
• define, plan, and implement the project opportunity from identification to abandonment
• maximise local content and deploy effective knowledge transfer and diffusion.

Corinthian follow their logical, structured delivery and assurance approach to achieve the project outcomes identified during project definition. Our processes ensure that project owners are ultimately in control. Owners make all the key decisions based on information developed by Corinthian and complied into a Decision Support Package.  Once decisions are made, Corinthian acts on the owner’s behalf to deliver the desired outcomes.

NON ROUTINE AND UNIQUE OPERATING ACTIVITIES: MAINTENANCE CAMPAIGNS, SHUTDOWNS AND TURNAROUNDS

At many points during their operating life, production facilities will be shutdown to allow inspection and maintenance of equipment, which cannot be carried out whilst in service.  Amonst other things, the necessity and timing for a facility shutdown is typically dictated by:

• regulatory and code compliance, such as statutory inspection of pressure vessels and relief valve testing
• the action of progressive degradation mechanisms, such as corrosion
• performance degradation, such as heat exchanger fouling, refractory lining breakdown, pump impeller and casing wear, control valve trim wear and switchgear hotspot development.

We apply a project development and delivery mindset to non-routine and unique operating activities, ensuring they are delivered safely, on budget and on schedule, and that the objectives are fully achieved.  Corinthian’s process is designed to minimise the risk to delivery of reliable and predictable outcomes for all non-routine and unique operating activities.

The scope of services provided by Corinthian is always tailored to the characteristics of the facilities, the location, and the owners’ requirements. Corinthian has the expertise required, from project management, project controls, engineering, supply chain management, fabrication management, compliance, planning, scheduling, and execution and close out supervision.

Corinthian can do this as a standalone team or as part of an integrated team with owners’ personnel.

Corinthian bring estimating tools, expertise, and experience to support owners during early planning, ensuring scope duration, budget and business impact can all be estimated with confidence.

Benefits accrued include:

• accurate scope definition
• early scope freeze
• meticulous planning and preparation, and most of all sufficient lead time to prepare.

A clear implementation strategy minimises cost, schedule, safety, and risk. By incorporating risk management into the work planning process, Corinthian identify the threats and manage the hazards to reduce risks. Safety review techniques (HAZOP, HAZID, JHA) are applied to all non-routine tasks and selectively based on the scale and complexity of the task.

Corinthian’s delivery is about predictable, reliable outcomes with attention to detail, managing costs with smart, simple solutions, and using scalable, clearly defined, fit-for-purpose processes and procedures.

Our people have a wealth of operating experience from a wide range of assets to interact with clients, analyse data and build a clear picture of the non-recurring and unique operating activity requirements. Corinthian believe in keeping it simple, direct communication always flows through to the most appropriate person.

Our experience from a wide range of energy and complex process assets gives us the confidence that we can achieve each client’s objectives, complete the work planned as scheduled and ensure a smooth, flawless start-up and return to normal operations.

RISK MANAGEMENT

Risk has its origins in the early Italian verb riscare, meaning to dare, that is to choose a course of action that could succeed or fail.

Risk exists to some degree at the heart of any business. Risks are taken in the pursuit of value creation and rewards. Good risk governance enables management to focus on its strategy and business purpose. It enables organisations to identify emerging opportunities early and actively exploit them. Similarly, early identification of emerging threats allows timely intervention to minimise consequence outcomes and/or the potential for the event to occur.

For Corinthian, managing risk to ALARP within our operations and ensuring our duty of care obligations are met or exceeded are fundamental values that we will not compromise. When considering opportunities, risk is assessed and balanced against potential benefits.  We are not obsessive about negative risks as this attitude may result in missed growth opportunities. That being said, we are not apathetic to risks organisations face, as these may breach their duty of care, due diligence, or fiduciary duty.

At Corinthian, risk management is an inescapable part of every decision. Our formal enterprise risk management system facilitates a proven approach to:

• risk identification
• assessment and measurement
• tolerance determination
• treatment and mitigation
• monitoring and reporting
• continuous improvement to support the company’s strategy and purpose

Our risk management professionals are experienced leaders having complementary, diverse backgrounds. Each Corinthian specialist can work independently or integrate within a client’s team. Our people have worked on high-profile projects, typically for clients in the energy, mining, infrastructure, and defence industries.

Corinthian’s risk management services include:

• Facilitation of risk workshops
• Independent subject matter expert participation in risk workshops
• Risk management process and compliance reviews / audits
• Risk control performance effectiveness reviews
• Asset risk profiling for insurance purposes

The range of our expertise includes the following:

• Organisational design and structure
• Operating risk, including:
• Operations
• Non-routine maintenance activities
• Construction activities
• Supply chain risk
• Technical integrity and maintenance management strategy development, review and optimisation based on business / production strategies
• Process safety management, practice reviews and performance assessments
• Safe systems of work, system reviews, practice reviews and performance assessments

STRATEGY FRAMEWORK

More value is destroyed across organisations due to strategic mismanagement and poor execution, than through any other reason, including legal non-compliance or operational errors.

Corinthian builds strategy aligned to an organisation’s purpose, and within the company’s defined risk appetite, as strategy is intimately linked to risk. We take the big picture and long-term view, utilising sophisticated tools and techniques to rigorously explore the best company strategy and means to maximise the creation of sustainable value.

Corinthian’s prerequisite for moving from managing the present to leading to the future, is achieved through our clear and dispassionate view of the opportunities available and challenges facing the organisations we support. Corinthian’s analytical framework enables an objective view of the future and how our clients may formulate the appropriate strategies to develop unique competitive advantages in the attractive industries of the future.

We focus on our clients’ chosen immediate and end customers’ needs and preferences, and how these will change over time. We assess the prevailing and future competition conditions, the emerging future structure of the industries and the potential for profitability. We continue to ask questions, listen, analyse, and reflect as we develop a comprehensive view of the industry value chains selected by our clients, and the opportunities and changes that are likely to emerge.

Corinthian understand the importance of assessing the industry value chain as dispassionately as possible. We construct a detached picture of how the industry value chain is likely to evolve in the future, before attempting appropriate strategic responses and positioning, that is where and how a business should compete.

Strategic positioning is the engine room for successful strategy deployment. We assist clients to make strategic choices and position themselves to achieve long term success in the relevant industries of the future. This will be through an ongoing process of re-investment in their capability platform, which underpins their unique and enduring strategic advantages, which in turn supports their strategic position.

In line with an organisation’s purpose, Corinthian enable clear strategic goals to be set, defining how these goals will be achieved with the efficient use of an organisation’s resources, and in so doing how value will be created in line with their stakeholders’ expectations.

DUE DILIGENCE – ASSET PERFORMANCE ASSESSMENT

Technical due diligence and asset performance assessment services undertaken by Corinthian are tailored to meet client specifi­c requirements, based on how they plan to use the information. Examples include:

• to improve the return on the capital invested
• and/or as part of asset acquisition due diligence

An asset performance assessment typically examines 2 aspects of asset management, that an owner can control, and which have the potential to signifi­cantly influence asset performance. These are availability, or uptime, and physical condition. Typically, optimal performance is achieved when the balance between the potential for downtime events to occur, and cost to reduce the likelihood of occurrence achieves the lowest unit cost of production.

Due diligence assessments undertaken by Corinthian take a wide view, including;

• currency of design standards
• planned maintenance compliance review
• historical maintenance trend analysis (planned v breakdown)
• critical inspection outcomes and anomaly report reviews
• equipment obsolescence review and availability of original equipment manufacturer spares
• supply chain sustainability
• operating practices assessment, general condition assessment
• integrity management practices assessment and compliance review
• availability of and quality assessment of key technical documentation required to operate and maintain the assets
• report on regulatory non-compliance notices and regulatory compliance history

Understanding the current physical condition of equipment and how its performance is impacted by mechanisms that contribute to degradation, allows an owner to plan for future expenditure to sustain availability. Forecasts of remaining equipment life, major overhaul requirements, optimal retirement and replacement timing can be developed that maximise the value of the asset, by ensuring availability is maintained, and costly equipment overhauls and replacement are optimised.

Early engagement with Corinthian will ensure a clear understanding of the intended use of Corinthian’s reports, ensuring end users have the information they need in the format they require.

Asset acquisition assessment services from Corinthian are typically expanded to include:

• business fit assessment; operating culture, practices, workforce integration and employee relations, alignment of management systems and management practices, geographic fit, regulatory environment, identification of potential operating synergies, risk identification and assessment
• life extension considerations (for cost estimating purposes); system / equipment level analysis and recommendations based on future life and business plan, alongside plant condition and performance reviews; downtime history, production history, intervention history
• production process systems, performance assessment; typical scope includes, suitability for current and future production, uptime and production performance history analysis, downtime history analysis, identify and report on repeat contributors to production limitations (choke points) and unplanned downtime.