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

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Title: Event-based risk management for subsurface risks: An approach to protect value generation from oil and gas fields
Author(s): Smalley, C
Chebotar, K
Item Type: Journal Article
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.
Publication Date: 1-Sep-2017
Date of Acceptance: 30-Nov-2016
URI: http://hdl.handle.net/10044/1/44158
DOI: https://dx.doi.org/10.1306/11301616084
ISSN: 0149-1423
Publisher: American Association of Petroleum Geologists
Start Page: 1473
End Page: 1486
Journal / Book Title: AAPG Bulletin
Volume: 101
Issue: 9
Keywords: Science & Technology
Physical Sciences
Geosciences, Multidisciplinary
Geology
UNCERTAINTY
0403 Geology
0914 Resources Engineering And Extractive Metallurgy
Energy
Publication Status: Published
Appears in Collections:Faculty of Engineering
Earth Science and Engineering



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