Abstract Repsol YPF's Argentinean assets are distinguished by their intricate geological settings and maturity of the fields. Vast water flooding operations of over 1.5 millions of bwpd have produced significant results in terms of production of additional reserves and in 2006, the company envisioned a strategy to tackle the challenge of production operations during the final phases of field life. The foundation of the strategy is improved reservoir characterization leading to an enhanced understanding of the reservoir accompanied by improved project management. Within RepsolYPF, efforts to improve project performance resulted in a comprehensive AssetManagement Model which has already been implemented. The approach is as follows:Rigorous asset analysis and integrated surface and subsurface studies: PLADA Project
Systematic peer assist workflow for project quality assurance: RTP Process.
Structured decision making process to advance business opportunities from visualization to execution: FEL Methodology.
Full Asset life cycle process road map that covers the geosciences, reservoir, drilling and surface engineering and environmental issues: GOP Project.
Exhaustive technology evaluation and deployment process executed through Strategic Technology Projects: PET projects.
Talent Management strategy for staffing and organizational learning strategies: GENTE Project.
An innovative strategy to upgrade the Drilling and Workover equipment increasing efficiency and safety: Equipo Project.
lmplementation of an innovative programme capturing continuous improvement ideas throughout the organization: 100+ program.
A systematic approach to guarantee safe operation of the aging physical assets with minimal environmental impact: PRIS project.
The organizational structure was adapted to emphasize effectiveness in design and efficiency in execution: STRUCTURE project.
This Model has produced a considerable number of value-adding opportunities: 1000 MBOE in contingent and prospective resources, 66% of RepsolYPF proven reserves in Argentina.