The oil and gas market has been calling for process and quality innovation. The “better, faster, cheaper” mindset has now reached most industry players. However, innovation often leads to a short-term project gain targeting specific project phases.
As a project develops, key design parameters move from the “assumption” phase to the “data” phase.
Historically, codes and safety factors were developed to ensure design safety through a standardized approach and margin targeting a probability of failure. The uncertainty regarding key parameter value is accounted for by the safety factors. The variation in these key parameters is often based on empirical rules or statistical past observations that may not translate well to project-specific conditions.
- As the project gathers data, the uncertainty relating to the key parameters declines.
- The aim of this JIP is to provide tailor-made safety factors by exploring project data in order to make the safety levels for each project phase more visible to operators and assist operators in making informed and rapid decisions.
- Avoids excessive conservatism in design
- Makes it clear how much of component life has been consumed so that maintenance activity can be adjusted
- Assists emergency preparedness
- Removes the need for life-extension studies
- Supports litigation and due diligence processes if needed.
Makes use of knowledge and digital capabilities to adjust project requirements: cost savings
Consolidates key asset lifecycle real-time information into a global database: informed decisions are made more quickly and operations are safer