Judy Maksoud
International Editor
Offshore
Rish analysis is a critical component in project planning, particularly in deepwater areas. Righard Taylor, technical services country manager for DNV in Nigeria, told attendees of the Offshore West Africa conference, "Stakes are high in deepwater."
Taylor presented a case study based on the Ormen Lange project offshore Norway. DNV evaluated four development concepts for the field: TLP, spar, semisubmersible, and subsea to land. Though the final option is by far the most novel, Taylor said, it was in the end the development choice.
Taylor explained the process of evaluating development schemes based on reliability, availability, and maintainability (RAM) analysis. Evaluation takes into account capex (investment cost), opex (fixed operating cost), and riskex, which Taylor defined as, "loss of revenue plus the cost of unplanned events."
By evaluating possible failure and quantifying loss, the operator can determine if the field development plan needs to be modified or changed. The cheapest solution is not always the best option because it often carries greater risk Taylor said.
3/21/05
