This article reports the completion of the three infill well program in the Timor Sea. The project was completed ahead of time and 40% under budget.
The ConocoPhillips-led group at Bayu-Undan gas-condensate field in the Timor Sea reported the completion of its three infill well program under budget and ahead of schedule. The third and final well was brought online Dec. 3.
https://www.ogj.com/articles/2018/12/conocophillips-completes-bayu-undan-infill-program.html
For small projects like this, everyone lies about the estimated costs, the costs come in under-budget, and everyone gets rewarded.
For large projects, everyone lies about the reserves, first production, peak rates, and cost. Everyone gets rewarded at the time of the project approval and initial reserve booking. By the time the truth comes out, everyone has been promoted to their next job, and the survivors and implementers get penalized for terrible results.
For exploration, we lie about everything, and when we drill the dry hole, we explain that it only had a 30% chance of success. Meanwhile we keep many friends employed and explain how we add value through field extensions.
It’s What We Do.
Yayyy you did your job!