یک مدل مفهومی برای مدیریت پروژهای اکتشاف و تولید در صنعت نفت: مورد شرکت برزیلی

The objective of this study was to obtain a better understanding of factors that influence Exploration and Production (E&P) project management success and corporate financial performance. The study follows structural equation modeling (SEM) methodology to achieve greater understanding of the intricate network of relationships between variables involved in E&P project management. A comprehensive theoretical framework was needed to formulate the conceptual basis of research. Observation of the real world and practical experiences were also important. To that end, we conducted a case study in a large Brazilian oil company. Field research was essential because of the lack of similar studies in the oil and gas sector. The model developed is a theoretical construct known as a structural and measurement model (set of latent variables, observed variables and hypotheses, depicted in a path diagram). This model contributes significantly to the company because it is a global representation of the main factors for improving E&P project management. However, the findings should be interpreted with caution because adjustment and validation of the theoretical model were not performed

Projects are essential to the success of any company, combining activities that lead to new products and services, improved procedures, implementation and development of new business. Successful projects increase sales and reduce costs, improve quality, customer satisfaction and the work environment, among other benefits. As a result, a growing number of companies have recently begun to use project management as a key strategy for remaining competitive, increasing the possibility of value creation in their business (Lewis, 2000). The consensus among several authors (Dinsmore and Cabanis–Brewin, 2006 and Kerzner, 2010) is that the current scenario favors the application of project management as a formal methodology (fierce competitiveness, more demanding clients, technological advances, shorter deadlines). According to the Project Management Institute (PMI, 2008), project management is the application of knowledge, skills, tools and techniques to carry out project activities. The challenge in large companies is to provide guidelines for managing project activities and a consistent procedural framework, both for individual projects and across projects. This enables leaders from all specialties to work together and communicate with one another. Examples of complex, high-risk projects are the exploration and production (E&P) of oil and gas, occurring worldwide in diverse geographical and socioeconomic environments. On the one hand, risk exists due to geological uncertainty regarding reservoir structure, characteristics of the cap rock and the volume of hydrocarbons (Jahn et al., 2008, Motta et al., 2000, Suslick and Schiozer, 2004, United Nations Environment Programme — UNEP and Exploration and Production Forum, 1997 and Weijermars, 2009); on the other hand, there is economic risk as a result of uncertain cash flow (future cost and prices) and the likelihood of finding and producing in sufficient volume (Motta et al., 2000, Suslick and Schiozer, 2004, Wagner and Armstrong, 2010 and Weijermars, 2009). Postali and Picchetti (2006) emphasize the irreversibility of E&P projects as a critical additional element, that is, future implications of decisions are relevant because of the long life cycle of these projects and the specificity of resources involved. Furthermore, due to its global presence, economic importance and environmental sensitivity, the oil and gas sector is subject to pressure from different stakeholders, increasing its complexity. Thus, it is helpful to outline models that more accurately represent the complex and multidimensional reality of E&P projects in order to facilitate their management. By aligning the factors that influence project success, we found a gap in studies regarding the interaction between these factors and their respective impact on performance in the E&P sector. The objective of the present study is to obtain a better understanding of factors that influence management success and corporate financial performance of E&P projects. For that purpose, we conducted a case study in a Brazilian oil company, describing critical variables in order to measure project management success and corporate financial performance. Formulation of the conceptual model applies structural equation modeling (SEM) to achieve greater understanding of the intricate network of relationships between variables involved in E&P project management.

The objective of this study was to obtain a better understanding of factors that influence the E&P project management success and corporate financial performance within Petrobras S.A. Results are discussed on two levels: i) theoretical implications and ii) practical consequences. From a theoretical standpoint, the model developed follows SEM methodology. The SEM technique was used to better achieve research objectives. The modeling process with SEM requires a theoretical foundation of the phenomenon under study. To meet this requirement, an ample review of the literature allowed us to formulate the conceptual research bases (Fig. 1). Moreover, observing the real world, experiences and concrete practices is also essential in modeling (Hair et al., 2009, Kline, 2011 and Morôco, 2010). To meet this condition, a case study of the largest Brazilian oil and gas company was conducted (Petrobras S.A.). Field research was essential because of the lack of similar studies in the oil and gas sector, which is characterized by technological innovation, constant changes in the global economic and geopolitical scenario, and the turbulent environment in which oil companies operate. With respect to practical consequences, field research identified PRODEP as the global framework in which E&P projects are developed, and an integral part of the Project Governance model of Petrobras S.A. We found that all processes defined by PRODEP for the management of E&P projects are supported by robust methodologies, well-suited to the complex nature of such projects. In this respect, the first three methodological steps of SEM were carried out (Fig. 2): (1) developing the theoretical model; (2) constructing path diagrams; and (3) converting path diagrams into a structural and measurement model. As a result of the literature review and field research, we developed a theoretical model composed of five constructs: Project Team, Planning and Control, Quality and Scope, Project Management Success, and Corporate Financial Performance. The Project Management Success construct mediates the effects of several factors on corporate financial performance. Thus, the model shown in Fig. 5 depicts the network of relationships and influences between latent variables representing E&P project management at Petrobras S.A. In order to measure each latent variable, variables were identified, initially associated with disruptions or failure in the project management process. In other words, the identification of factors that would negatively affect the management performance of E&P projects is prioritized in order to eliminate or mitigate them during the project life cycle using the PRODEP system. The choice of model constructs is based on the specific characteristics of Petrobras S.A., in accordance with the scope of the present study. The constructs, indicators and hypotheses were validated by project managers and senior engineers. The model developed is a theoretical construct known as a measurement and structural model (set of latent variables, observed variables and hypotheses, depicted in a path diagram). In order to determine whether the model created adequately represents the reality under investigation, four final steps are necessary in SEM modeling and are suggested for future studies. 5.1. Limitations and suggestions for future research The main limitation of this study was the lack of reference SEM studies applied to E&P project management. As a result, studies conducted in other sectors were used (Table 1), mainly, in the construct identification phase. Since the model only considers the financial aspects of corporative performance, it is suggested that future investigations assess dimensions such as market, social, and environmental performance, among others. The model constructs developed are considered, a priori, representative of the phenomenon under study. However, other constructs could be relevant in alternative models, such as the project manager's competence, involvement of top level management, project size, project complexity, risk allocation, stakeholder influence, legislation, market conditions, strategic alliances, among others. Other models can certainly be formulated as alternative theories to explain the determining factors of successful E&P project management and corporative financial performance. However, a comparative assessment between our model and alternative models can only be conducted using empirical data and may be the object of future research. Finally, for Petrobras S.A., the model developed represents a contribution to reaching a better understanding of factors that determine the success of E&P project management and corporative financial performance. However, definitive conclusions regarding the validity of our model as suitable representation of the phenomenon studied cannot be confirmed here, given that not all the methodological steps of SEM were performed. Thus, conclusions must be considered partial and interpreted with caution.