--> Abstract: POSC and the Emerging Business Paradigm, by M. J. Ring; #90942 (1997).

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Abstract: POSC and the Emerging Business Paradigm

RING, MICHAEL J., POSC

Adoption of standards in today's business ecology is a strategic decision; most organizations have either embraced them or they will. The strategic need for oil and gas industry standards was the implicit underpinning of the formation of Petrotechnicai Open Software Corporation (POSC) in 1990. The business drivers are low oil prices, increasing costs, lower margins, and increasing risks. The oil industry responded by focusing on core business assets, consolidation and restructuring, implementing risk management, increased collaboration with partners, increasing productivity, reducing costs, improving reservoir performance, and a move towards a global business.

The use of standards allows for the sharing of data and information across disciplines, companies, partners, through the life cycle of an asset so that groups can focus on concurrent, interactive creative thinking and stakeholders can access and respond to pertinent information in real time. Standards allow better decisions due to improved information, better access to complete data and dramatic improvement in bottom line results (improved work practices, reduce cost and time). Cost savings of 25% are targeted; time savings of 40% have been noted. Improved margins (pounds Sterling/BOE) are being realized by simultaneously decreasing costs (pounds Sterling) and increasing value (BOE).

This paper will examine POSC's 5 year history with examples of the paradigm shifts in the industry. Significant changes are occurring in technology, sociology, geopolitics, business processes, and decision processes as organizations re-define themselves as the business ecology evolves into the knowledge era.

AAPG Search and Discovery Article #90942©1997 AAPG International Conference and Exhibition, Vienna, Austria