A specialist in the provision of integrity, compliance and risk consulting services, Lloyd's Register Energy, has recently launched a new service, which focuses on assets that are in late-life stage or nearing cessation of production.
A new service for oil and gas operators
It is challenging for oil and gas companies to manage each asset on an individual basis, since each is at different stage in its lifecycle. Moreover, identifying where to concentrate inspection, maintenance and other core operational activities is critical for operators.
Lloyd's Register Energy’s new service, aimed at maturing assets, is designed to assist with maximising economic recovery, and reducing costs by eliminating inspection and maintenance activities that do not fulfil safety or profit objectives. In attempt to bridge the gap between late-life operations and cessation of production, Lloyd’s Register Energy provides detailed insights into operators’ inspection, corrosion, technical safety, and materials engineering issues. This service can be applied across the energy mix and across any asset.
Operators must consider the viability and profitability of their assets
“Thanks to successful asset life extension studies and the application of asset management methodologies, along with advances in technology, assets and fields have successfully produced well beyond their original design life”, says Ken Bruce, SVP Asset Integrity Services, Lloyd’s Register Energy. “But there comes a time when operators must consider the viability and profitability of their assets as they move from extended production to late-life and cessation of production.”
Ageing infrastructure needs drastic reduction in costs to remain profitable
“Across the world, ageing infrastructure used in oil and gas operations needs to achieve a drastic reduction in costs to remain profitable. Most operators are still resourced for fields operating at peak capacity and have been unable to drive costs down in line with decreasing production, due to outdated operating models. We can help operators safely reduce costs by eliminating unnecessary inspection and maintenance activities, identifying a new level of acceptable risk and realigning operating models,” added Mr Bruce.
Not just oil and gas
The challenge of operating ageing assets is impacting the industry in regions including the North Sea, Irish Sea and the Gulf of Mexico. But the oil and gas industry is not alone in experiencing these challenges. Today mature operating assets make up 70% of the world’s energy production and include nuclear, chemical, and petrochemical infrastructure.
Edited from various sources by Stephanie Roker