3 Questions Asset Managers Should Be Asking

3 Questions Asset Managers Should Be Asking

16th May 2017

by Kirsten Oliver

As an asset ages there are a number of questions that must be answered to ensure operators take the most appropriate path and make the right decision to ensure ongoing cost effective production;

1. Are we addressing the right problem?

Often the offshore team and onshore team work in isolation.  They use different data sources or management systems.  Both teams believe they are addressing the right problem, but both are sorting through different issues. The result is a failure to address crucial elements of overall operations.

Example: Subsea intervention work, needed to rectify downhole water injection capability, is being executed by the subsea team.  Unfortunately, since the work is not planned and recognised by the global work management system, the platform crew was not aware of the need to reinstate the seawater treatment package to ensure water suitable for injection is available. The crew instead is focused on their high priority structural integrity repairs. 

Best Solution

The PAVE (production asset value enhancement) approach not only provides a professionally structured workshop to holistically assess production and integrity of the operations, but also offers digital data tools and software platforms that can be used to assist with cleansing data, defining interfaces and linking disparate data management systems. This ensures the information around the organisation is centralised, easily accessible and visible to decision makers in order to remove the siloed approach to managing assets.

2. Do we understand the acceptable level of risk?

In today’s low oil price environment, there is increasing pressure to fully understand risk so that spend can be optimised.  Cash flow significantly influences OPEX spend.

Globally OPEX costs have reduced by 17%, and the UK North Sea sector has seen a 45% decrease in OPEX during the period 2014-2016, where the average facility age is over 28yrs.  To fully understand risk we often need to recreate original in-depth analysis models with current software, codes and using the latest operational data.  This can be a costly exercise and may not always be necessary.

Best Solution

PAVE selects the right technical expertise into the decision making process and provides an understanding of the costs and the implications of recommended solutions. Solutions may range from optimisations to be implemented or “do nothing”, but for each solution proposed PAVE will ensure that the associated impact is fully understood.

3. Are the right people involved to define problems and execute decisions?

In order to make the right budget decision there needs to be a level of technical understanding of the implications.  Top down budget cut puts additional pressure on operations and maintenance to spend budget wisely.  More often than not activities critical to understanding condition e.g. inspection are deferred in respect to short term activities to increase production (e.g. well workovers).

Best Solution

Our PAVE offering ensures we provide best fit solutions.  Our technical consultants can assist in defining what advanced analysis would be most beneficial, whether it be flow assurance, fitness for service or reassessment of safety systems. This can be carried out on specific areas and the in situ teams’ technical knowledge used to test assumptions to increase confidence in output.

PAVE (Production Asset Value Enhancement) provides a structured approach and integration of digital data to offer asset managers access to a blend of management and advanced technical consultancy to answer all these questions.

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