Search

Since the outbreak of COVID-19, the upstream oil and gas industry has faced unprecedented challenges in terms of low prices. Given the volatility and uncertainty around oil prices, it is critical for the sector to exercise capital constraints and manage costs effectively to ensure its future success. In response to the difficulties with cost overruns, oil and gas operators have implemented various strategies and measures, such as cost reduction, project prioritisation, project delays and streamlining the supply chain and contracts. However, these approaches do not provide a sustainable or cost-effective solution in the long term. Previous research on project cost overruns has shown that internal factors, particularly project data integration, are the main cause of poor project performance and cost overruns. However, no approaches or technologies have been proposed to improve cost management or control cost overruns. This paper aims to review the features and functions of 5D BIM that could improve the integration of project data throughout the lifecycle and provide a solution for cost management in Malaysia's oil and gas upstream projects. The methodology adopted in this study ensures a rigorous and systematic approach in reviewing the literature on cost management issues, cost overruns and the role of 5D BIM. Consequently, BIM streamlines cost estimating, saves time by automating data entry and producing accurate estimates, increases productivity and promotes better collaboration within the project team. [ABSTRACT FROM AUTHOR]