Project Risk Management
Risk Assessment on Offshore Facilities
- Client
- Edison
- Country
- Italy
- Year
- 2014-2015
- Industry
- Oil & Gas
- Service
- Risk Management
For Edison, kwantis identified the main cost and schedule risks of an offshore project with subsea wells and a new unmanned platform, and quantified their impact on two development scenarios.
The challenge
The project included drilling and completing subsea wells and building a new unmanned platform connected to existing production facilities. Two alternative development scenarios were under consideration.
The Cost and Schedule Risk Analysis had to address the project’s uncertainties in cost and duration, and help identify mitigation actions and fallback plans to reduce the effects of the risks.
Our approach
kwantis identified the main cost and schedule risks and quantified their potential impact on each scenario. The quantitative analysis had three main activities:
- Data collection and expert interviews.
- Cost and schedule risk model, built in Acumen Risk.
- Analysis of the results, including a sensitivity analysis on the project’s main risks and a comparison of the two alternative development scenarios.
The outcome
An independent reviewer first reviewed and validated the approach and the results. The study was then presented to the partners and supported the decision towards the more conservative scenario.
