2016
DOI: 10.1115/1.4032707
|View full text |Cite
|
Sign up to set email alerts
|

Risk-Based Cost-Effectiveness Analysis of Waste Handling Practices in the Arctic Drilling Operation

Abstract: As oil and gas companies in the Arctic attempt to maximize the value of each project and optimize their portfolio of investment opportunities, it has become vital to evaluate drilling waste handling practices for their cost-effectiveness in order to support strategic decisions. Identifying cost-effective waste handling practices, which have a minimal environmental footprint, however, is one of the biggest challenges for Arctic offshore industries. The cost and potential risks of drilling waste handling practic… Show more

Help me understand this report

Search citation statements

Order By: Relevance

Paper Sections

Select...
1
1
1
1

Citation Types

0
6
0

Year Published

2016
2016
2024
2024

Publication Types

Select...
5
3

Relationship

0
8

Authors

Journals

citations
Cited by 10 publications
(9 citation statements)
references
References 27 publications
0
6
0
Order By: Relevance
“…In principle, partial sensitivity analysis involves varying one key assumption or cost variable at a given time, and keeping the other assumptions or cost variables constant [17]. Contrary, the extreme approach involves varying all uncertain variables at the same time, and selecting the values for each variables, which yields either the worst-or the best-case scenario [17], [24].…”
Section: Proposed Holistic Methodologymentioning
confidence: 99%
“…In principle, partial sensitivity analysis involves varying one key assumption or cost variable at a given time, and keeping the other assumptions or cost variables constant [17]. Contrary, the extreme approach involves varying all uncertain variables at the same time, and selecting the values for each variables, which yields either the worst-or the best-case scenario [17], [24].…”
Section: Proposed Holistic Methodologymentioning
confidence: 99%
“…In this PHA, experts are scored on the basis of answers to questions for which the answer is only known to the analyst. The non-normalised performance-based weight for expert i, can be defined as follows, based on Cooke [13] and Ayele et al [14] ∝ ,…”
Section: Catastrophicmentioning
confidence: 99%
“…Moreover, performance-based weighting can help to reduce the bias and uncertainty distributions over the parameters. 30 Based on the above discussion, in the proposed methodology, expert judgements are considered as an important source of information for quantifying the system failure rate as well as the consequences. Probabilities or frequencies of system failures are primarily obtained from judgements from experienced risk analysts.…”
Section: Stage Ii: Structuring the Analysismentioning
confidence: 99%
“…Since degree-of-belief probabilities are personal and vary from expert to expert and from time to time, there is no 'true' probability that one might use as a measure of the accuracy of a single elicited probability. 29,30 To illustrate the kinds of distortion that are possible in the specification of weighted distributions for the degree-of-belief probabilities, 10 experts were asked to specify 5% (lower), 50% (median) and 95% (upper) failure probability values for various components of the power distribution system. These parameters included the HSE and reputation consequence of the components of LVOH, ULCE and CP.…”
Section: Reliability Analysis and Maintainability Analysis Of Cpmentioning
confidence: 99%