Event-based risk management (EBRM) is an improved way of describing subsurface uncertainties and their possible business impacts in a manner that facilitates specific actions to improve business performance. In EBRM, uncertainties are viewed as potential causes of risk events that could in turn lead to consequences that affect the attainment of objectives. This “causes-event-consequences” syntax aids the design of prevention measures to inhibit the causes turning into the event, mitigation measures to reduce the potential consequences should the risk event occur , and also facilitates construction of a risk taxonomy scheme based on risk consequences, events and causes. Using a dataset of 1456 subsurface risks, each risk was described in this manner , placed in the taxonomy and the proportion of risks in each taxonomic group analysed. This revealed clear trends in the relative frequency of risk groups with type of field: for e xample, risks related to hydrocarbon in-place volumes are more frequently identified in deep-water oilfields and gas fields feeding liquefied natural gas plants, situations in which resource volumes are critical to support the large project capital costs. Trends were also evident with field maturity: for example , risks related to hydrocarbon in-place volumes are more frequently identified before the field sanction decision tha n afterwards
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
customersupport@researchsolutions.com
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.