Well life cycle risk management

Risk management with engineering understanding

Throughout the life of a well, there is a constant demand to balance production performance, mechanical integrity and cost.

The problem is that none of these factors can be defined with total certainty: production performance depends on the condition of the reservoir over time; and well integrity is influenced by reservoir conditions, equipment reliability and the changing nature of the produced fluids. Given this situation, forecasting the though-life cost of a well is rarely straightforward.

Petroleum engineering, by its nature, has to be conducted against a backdrop of risk. Our aim is to understand and manage the different risks as effectively as possible. Knowledge of the latest technology is essential for this. In addition, a range of formal risk-based techniques underpin our capabilities in this area.