2040 strategic plan
The GULFOGEC 2040 Strategic Plan is underpinned by 2040 GULFOGEC’s Strategic Directions. These Strategic Directions provide the high-level statement of intent for each of GULFOGEC’s businesses and, from them, the objectives and strategies of each were defined. For the Domestic Upstream, there are seven Strategic Directions out of ten Strategic Directions for the Upstream that have specific relevance to the development of the 2040 Strategic Plan.
GULFOGEC’s 2040 Strategic Directions has necessitated the Upstream Sector to revisit their Mission, Vision and the Strategic Plans for achieving the ambitious goals set forth by GULFOGEC until 2040. GULFOGEC developed its 2040 Strategic Plan to contribute to the overall GULFOGEC Upstream Sector ambition and deliver on its commitments to the wider State of United Arab Emirates.
The best of GULFOGEC from Planning, Assets Management and Functional Areas came together to formulate a detailed, robust and integrated 2040 Strategic Plan. In this process, Five Strategic Core Initiatives and Fourteen Strategic Enabling Initiatives have been developed to address the identified strategic priorities and reach the production targets over the next 22 years.
GULFOGEC 2040 Strategic Core Initiatives
- 1. Standardized Oil
- 2. Standardized gas
- 3. Improved Oil Recovery
- 4. Enhanced Oil Recovery
- 5. New Hydrocarbons
Under above mentioned 5 core initiatives, 12 Strategic Programs have been identified.
GULFOGEC 2040 Strategic Enabling Initiatives
- 1. Develop critical capabilities to accelerate and support delivery production targets
- 2. Design, build and deploy training programs to support development of required competencies
- 3. Establish alignment and communication program for 2040
- 4. Leverage and strengthen relationships with partners, service providers and suppliers to improve delivery of projects/targets
- 5. Optimize and standardize governance related to finance processes
- 6. Develop accelerated and agile capital projects governance model to improve efficiency of delivery
- 7. Improve/Strengthen operations excellence, governance and performance management
- 8. Optimize operating model including joint operations (HO/JO)
- 9. Planning and Portfolio Management Opportunity insight
- 10. Optimize procurement and contracts management process
- 11. Optimize recruitment to delivery manpower and technical requirements
- 12. Develop and strengthen stakeholder management capability
- 13. Knowledge management and sharing
- 14. Establish high performance culture and associated performance management
Implementation of GULFOGEC 2040 Strategic Plan will require focus and commitment from a wide group of stakeholders. It will require strengthening stakeholder management, adoption of technology and developing critical technical capabilities, optimizing our operating model, on-time project delivery, instilling a high-performance culture amongst others.