Event-based risk management for subsurface risks: An approach to protect value generation from oil and gas fields

Abstract

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

Why Would Location-Based Scheduling Be Applicable for Offshore Oil and Gas Construction?

“…But also, if activities are executed simultaneously above or below each other, identifying risk of dropped objects. Where Smalley and Chebotar (2017) used CPM to develop a risk management framework and determine probability of occurrence. It could be argued that LBMS would allow risk management through risk identification in advance, also seen in Kenley (2005) as production rate predictions.…”