Key Performance Indicators in Libyan Oil and Gas Projects
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Nowadays, the management system based on key performance indicators (KPIs) is one of the most effective systems from a project management perspective. Unfortunately, common key performance indicators do not exist for the assessment of the performance and success of Libyan oil and gas projects (LOGPs). A project’s success or failure no longer depends solely on whether or not it meets traditional key performance indicators (cost, time and quality), instead, the assessment of a project’s success is required from the beginning until the end of the project and product lifecycle. The purpose of this study is to advance understanding of KPIs and to develop the most common key performance indicators (KPIs) for the Libyan oil and gas projects. By reviewing the existing research and literature, 11 (eleven) most important KPIs were identified. Questionnaire surveys and semi-structured interviews were administered to gauge the opinions of project practitioners representing clients, consultants and contractors on the KPIs most relevant to the local oil and gas industry. The findings indicate that the traditional KPIs are no longer applicable in measuring performance and success of oil and gas projects in Libya. Other key performance indicators such as Health, Safety and Environment (HSE), Efficiency of use resource, Profitability, Experience gain from the project, Shareholder Satisfaction, Sustainability, Maintainability and Reliability are increasingly becoming more important. Key performance indicators for the assessment of Libyan oil and gas projects are far more complex than simply meeting cost, time and quality.