Management as a Technical Discipline in Energy

Abstract Management is a technical discipline that requires a solid knowledge base and a constant learning approach. Management Practitioners need to master various domains such as Asset and Portfolio Management, Risk Management and Decision-Making, Strategic Planning and Management, Energy Economics, Professionalism, Training, and Education to support an efficient decision-making process, and quantify the risks involved. This paper explores how the practice of management has evolved in the Oil and Gas sector, and the relevance of creating standards or guidelines to guide its practitioners. The term "Management" is usually associated with people skills, whereas the methodologies of technical disciplines of management are well-known in the energy sector. Our paper focuses on five of the 29 technical sub-disciplines of the SPE taxonomy (Society of Petroleum Engineers [SPE], n.d.) of Management, showing their evolution through time and the progress of related roles in the industry. We highlight challenges and opportunities for the creation of systems and technical approaches. The technical sub-disciplines analyzed in this article are: Portfolio analysis, management, and optimization Risk, uncertainty, and risk assessment Benchmarking and performance indicators Future of energy/oil and gas Personnel competence The summary and analysis of the five Management disciplines addressed in this paper produced two deliverables: 1) an evolution timeline that shows how data analytics, changes in economics frameworks, and environmental considerations catapulted management workflows to a systematic approach in the decision-making for all the technical disciplines analyzed, and 2) a list of opportunities and challenges for the creation of guidelines for Management in the energy sector. The ATCE Centennial Celebration provides a unique opportunity to share knowledge and experience in technical managerial workflows and practices, in looking back and forecasting the future, benefiting the Management technical discipline. The conclusions highlight the importance of advancing Management disciplines in the technical realm. The examples exemplify the importance for management practitioners of keeping their technical skills updated. Our paper aims to raise awareness about the current practices of Management in oil and gas, how they have evolved, and what are the main future challenges and opportunities in the creation of certifications, best practices, guidelines, and standards in Management. We want to inspire students and young professionals to initiate their path into management early on in their careers.