Risk Based Assessment on Innovations - kwantis
Performance Optimization, Oil & Gas

Risk Based Assessment on Innovations

Major oil&gas operators are investing in R&D programs in order to improve safety, reduce cost and extend drilling operations feasibility. Among the technologies currently under development in his portfolio, kwantis client had three of them are oriented towards the prevention of blow out occurrence, the most dreaded risk in drilling activities. These technologies have completely different installation modes, operability limits, activation systems and fluid containment methods. As a result, they also differ on the potential benefits that they can bring to drilling operations. Kwantis provided a methodology to define the most effective safety and economic strategy.

Major Oil Operator

The benchmark of these technologies put together the twofold objectives: Safety improvement and Economic performance enhancement.
The safety objective is addressed through the assessment of a loss of well control event, measured through a probability benchmark with/without the use of the technology. Detailed fault trees are built for any possible drilling scenario, giving a comprehensive blow out probability reduction factor for each technology in different operative situations. Also, any uncertain parameter is duly addressed with probabilistic distributions, later combined altogether through a Monte-Carlo simulation.
The economic objective is addressed through a detailed time and cost probabilistic analysis, evaluating saving and losses in terms of operating performance (productive time) and risk issues (non productive time). The difference between savings and losses represents the net cost/benefit of each technology implementation.

“The combination of the economic and safety model is providing an immediate feedback on the main critical factors regarding technologies: operability, reliability, efficiency, and cost”

By using such approach R&D department is able to better adjust its R&D funding and efforts to solve hidden criticalities and to propose the application of a new technology where benefits are maximized.