Quantitative risk assessment (QRA) benefits an operator more than simply complying with varying regulations
Dynamically updating QRA offers cost, production, and safety benefits
Dynamic QRA supports decision making and planning to improve risk management
Digitalization assisted by online tools enables dynamic QRA
The oil and gas industry has been using quantitative risk assessment (QRA) and related studies for more than 50 years to evaluate risks of major accident hazards. It is applied to demonstrate risk to the public and employees as part of complying with regulatory requirements, which vary worldwide.
QRA studies typically play an important role early in the design stage of a project’s capital expenditure (capex) phase; for example, when evaluating concepts, optimizing design, and establishing cost-effective risk management.
Currently, QRA for oil and gas assets usually provides an overview of risk at a fixed reference point in time. Such studies involve hundreds, sometimes thousands, of scenarios covering operating conditions, manning levels, and maintenance activities. The cost can be substantial, and a study may need repeating every few years.
Despite this, some operators have recognized a need to utilize QRAs as a fundamental decision-support tool for their projects and operations beyond the explicit regulatory requirements. By doing so, they gain insights into how to save cost and maintain or increase production efficiency while operating safely.