Oil and Gas Facility Risk Modeling with Interactive Results

Challenge

Risk management of oil and gas facilities presents unique challenges for operators due to the complexity of equipment and diversity of arrangements. Implementing a facility risk program which allows operators to evaluate and compare all levels of risk, from individual components to entire facilities, can better support operators in the selection of projects and allocation of funding. A successful program also minimizes ongoing maintenance efforts for the operator by streamlining data input and integration.

Solution

TRC utilized its pipeline and facility risk experience to develop a qualitative facility risk program and model that was both granular and adaptable for a recent facility client.

The model was developed to consider the full range of facility equipment and simplify the ongoing data collection and maintenance processes specific to the operator’s assets. The model allowed the client to easily identify risk drivers and compare likelihood, consequence, and risk estimates by equipment type and at an overall facility level.

Results

The facility risk model and dashboard were completed in 2020 with ongoing operator-specific implementations. The final model included all of the below features as basic functionality and resulted in the client being able to prioritize maintenance via risk.

• Operator input interface for current and updated analysis
• Threat, consequence and risk calculations
• Results for all equipment, threats, consequences and overall risk
• Interactive results dashboard for risk visibility
• Documentation for all threat and consequence inputs, weighting and scoring

This client appreciated the opportunity to have visibility to asset risk without buying an expensive software package that would require significant time and money to update and manage. They also stated that this tool provides them risk analysis that is specific to their operations, is easy to use and allows for focusing on actionable data and mitigating risk rather than combing through spreadsheets.