Project Ranking in Petroleum Exploration

Abstract

Project ranking based on project value is an essential management task for organizations that face resource bottlenecks. Project value focuses on the hard elements of projects that can be expressed in monetary terms. In the petroleum exploration business, however, there is also soft information, like effects on corporate liquidity, advantages of compliance with the strategic goals, or learning potential and organizational development, which may change the ranking hierarchy. The aim of this research is to provide a solution for incorporating industry-based selected soft data in the project ranking process. The process is illustrated with a case study. We took the structured system of criteria identified from the petroleum industry.