Page 416 - Hydrocarbon Exploration and Production Second Edition

Managing the Producing Field 403

The audit team may be formed on an ad-hoc basis, pulling in the individuals with
the relevant experience, or could be a full-time team dedicated to the task, roving
from project to project. A popular approach to this form of quality assurance is termed
a peer review. A peer review team is typically a group of professionals working on
a similar asset who are taken into the peer review for a short, dedicated period to
apply their knowledge and experience to test the assumptions made by the asset team
being audited (Figure 16.13).
The funding of the activities of the company is managed by the finance
department, but the spending of the funds is managed by the technical managers.
The budget reports are the mechanism by which the manager keeps track of how
the actual revenue and expenditure is performing against the plan as laid out in the
budget. The budget will be planned on an annual basis, split into 3-month periods
and will be updated each quarter.