T2: STANDARD ASSESSMENT – ASSET TEAM PROFILE
• Limited reservoir engineering team,
despite Operator gap and overall
company strength in area
• Functional mix not re-considered
since project shifted from develop-
ment phase to mature operations
People and accountabilities Weight Score
3. 1 Size • 0.33
3. 2 Functional mix • 0.00
3. 3 Seniority • 1.00
3. 4 Time dedication • 1.00 Commentary
• Team spends median 25% of time
on Operator engagement (i.e. meeting formally or informally with Operator team members)
• Notable effort to limit internal busywork and increase engagement with
technical committee members
3. 5 Continuity • 0.67
3. 6 Location • 0.33
3. 7 Orientation • 0.33
3. 8 Reporting relationship • 0.67
Fully meets ( 1.00) Q Somewhat meets (0.33) Q
Mostly meets (0.67) Q Does not meet (0.00) Q
Source: Water Street Partners
set of internal meetings and reporting requirements that sucked the life out of the
team, leaving little time for impactful engagement and influencing of the Operator.
An evaluation of these eight components is a powerful way to prompt discussions
about the health and needs of an existing asset team, say, during an annual strategic
review of the asset. Or it might be used to steer the design of an asset team when
structuring a new non-operated asset from scratch. Ideally, this evaluation is more art
than science, taking into account not only our Standards, but also the nature of the
Operator, the legal agreement, and the broader context of the asset.
Creating a highly effective non-operated asset team requires turning the dials in a
number of dimensions, making sure that resources allocated to the asset team are put
in a position to succeed. While nothing is guaranteed, asset teams staffed by people
whose expertise matches the technical opportunities of the asset have a much better
chance of being world-class non-operators.
ABOUT THE AUTHORS
James Bamford is a co-founder of Water Street Partners based in Washington, DC, where he serves a global client base across industries on joint
venture issues. He has supported more than 200 JV transactions and restructurings during his career and has worked extensively on JV governance,
organizational, and commercial matters. Prior to Water Street, he co-led
the JV practice at McKinsey & Company.
Joshua Kwicinski is a senior director at Water Street Partners has led
multiple engagements on JV governance with IOCs, NOCs, and other
natural resources firms. He also serves a global client base in aerospace
and defense, biotechnology, hi-tech manufacturing, and other
Martin Mogstad is a senior consultant with Water Street Partners, and
has led multiple engagements globally within the oil and gas industry on
JV portfolio management, non-operated asset team excellence, and JV
governance. He joined Water Street Partners from Schlumberger.
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