The objective of this blog post from the State Audit Bureau of Qatar is to introduce key terminologies, performance indicators (KPIs), and measurement units relevant to oil and gas exploration.
The oil and gas exploration (upstream) sector is known for its high risks and significant investment requirements. The risks primarily arise from the uncertainties and challenges involved in discovering and extracting oil and natural gas reserves from the ground or beneath the seabed. Factors such as geological complexity, volatile commodity prices, and environmental concerns add to the sector’s high-risk nature.
Given the complexities and risks, assessing the performance of public sector entities involved in exploration and related investments can be challenging. Understanding the relevant KPIs is essential for accurately assessing their performance.
We explain in our paper the key terminologies and KPIs that will be useful for performance auditors when auditing oil and gas exploration investments of public sector entities.
Please note that the information provided in this blog is intended for general informational purposes only. Users are encouraged to conduct their own research and seek expert guidance when necessary.