Risk and Reliability Evaluations Help the Industry Stay Lean | Audubon Companies
Risk and Reliability Evaluations Help the Industry Stay Lean | Audubon Companies
Industry
Onshore Oil + Gas, Petrochemicals + Refining, Pipelines + Terminals
Author
Allison Humphries Avatar
Content Creator Audubon

Risk and Reliability Evaluations Help the Industry Stay Lean

Ask most any knowledgeable engineer in any industry what complexity has done to modern design, and they’ll likely tell you the number of risk points has increased.

This of course includes larger systems like refineries and fractionation facilities, which have gradually improved over the years with careful risk and reliability assessments.

However, as some oil and gas companies today weather the volatility of global prices by making their operations leaner, it’s more important than ever for any new projects that move forward — as well as any existing infrastructure and processes — to be low-risk and relatively free of major disruptions. As such, the industry incorporates thorough, professional risk and reliability evaluation into exploration, production, and maintenance.

Risk and reliability analyses differ depending on the task. In design and engineering, they ask whether a system can function properly and what the consequences are when it does not. Reliability assessments and design audits are used to determine how effective or risk-laden an engineered design may be for safety and environmental considerations. These assessments and audits increasingly rely on model-based systems engineering software to minimize risk and maximize long-term production. Developers like ANSYS develop this kind of software, capable of evaluating system design and product integrity to ensure low failure rates and safer processes. Such software may also analyze a design for the most likely failure modes and determine the potential effects of those failures.

Risk and reliability assessment can also be multidisciplinary, tapping into geological, financial, and research data to gauge whether an exploration project is worth pursuing or determine the viability of several different extraction methods. Another software system, GoldSim, uses probabilistic risk assessment and analysis to better gauge more than just engineering designs and system processes. It can also provide risk and reliability analyses of oil and gas reserves, future commodity markets, exploration opportunities, and asset values.

Risk and reliability analysis is so important that some higher education institutions offer graduate-level programs on the topic. Vanderbilt and the University of Maryland in the U.S. as well as the University of Strathclyde and University of Aberdeen in the U.K. are representative examples of such institutions. The programs are typically multidisciplinary in nature and cover tools and methods common to risk assessment, applied probability and statistics, and system reliability modeling among other topics.

Allison Humphries Avatar

Related services we offer

On-Site Water Treatment-Img-AFSnde-For web
Ensure compliance and quick turnaround with mobile, modular systems.
Vendor Surveillance | Services | Audubon
Increase transparency and effectively monitor third parties across your supply chain.
Land + Right-of-Way | Services | Audubon
Integrate local expertise and specialized knowledge for acquisitions and permitting.
Construction Management | Services | Audubon
Improve productivity and efficiency while reducing downtime and costs.
Asset Integrity+ Corrosion | Services | Audubon
Safely and reliably extend productive life with customized solutions that detect damage and combat corrosion.
Inspection | Services | Audubon
Ensure safety, quality, compliance, and reliable asset performance.
GIS + Data Management | Services | Audubon
Leverage best-in-class tools and platforms for actionable insights on your assets.
Surveying + Mapping | Services | Audubon
Get the quickest, most accurate data with the latest technologies.
Vapor Recovery | Services | Audubon
Achieve destruction efficiency, regulatory compliance, and sustainable energy at once.
Industrial Control Panel Fabrication | Services | Audubon
Leverage significant EPC experience for specialized control panel design and delivery.
Regen-Filter-Skid_edited
Improve time and cost efficiencies with Opero Energy's turnkey processing equipment and systems.
Disaster Recovery + Restoration | Services | Audubon
Recover quickly from catastrophic events with our multidisciplinary capabilities and technical field expertise.
Crane + Heavy Lift | Services | Audubon
Apply state-of-the-art machines, thorough project planning, and certified technicians at your site.
Carbon Capture | Services | Audubon
Meet your success metrics for decarbonization without sacrificing profits.
Process Safety Management + Risk Management | Audubon
Proactively assess your risk and enhance operational safety.
In-Plant Engineering | Services | Audubon
Bolster your team with the right personnel to meet your objectives.
Environmental Consulting + Regulatory Services | Audubon
Meet complex requirements, mitigate risk, and maximize project economics.
Decommissioning | Services | Audubon
Unlock the hidden value of end-of-life assetss.
Commissioning and Start-Up | O&M Capabilities | Audubon
Boost uptime, safety, and performance from final construction to operation and handover.
Optimization + Debottlenecking | Services | Audubon
Enhance, extend, and maximize the productivity of brownfield assets for optimal ROI.
Turnaround Management | Services | Audubon
Accelerate project timelines, improve plant performance, and circumvent issues before they affect operations.
Nondestructive Evaluation | Services | Audubon
Minimize risk without sacrificing uptime.
Material Verification | Services | Audubon
Apply a proven, proprietary process to get TVC records for PHMSA compliance.
Industrial Control Systems | Services | Audubon
Get custom, cutting-edge automation for reliability and performance.
SCADA Systems | Automation and Control | Capabilities | Audubon
Maximize efficiency and safeguard security across your site.
Safety Instrumented Systems | Services | Audubon
Increase asset protection and productivity while maintaining functional safety standards.
Operational Technology + Cybersecurity | Services | Audubon
Fortify your infrastructure, optimize network performance, and minimize cyber risk.
Detailed Engineering + Design | Services | Audubon
Maximize project value with leading technologies and an agile, dedicated team.
9d0295eb325f826726d41ddf68193976 (1) (1)
Better define work scope, decrease uncertainty, and meet strategic objectives.
Owner's Engineering | Services | Audubon
Get a trusted partner to achieve your project goals safely and efficiently.
Construction | Services | Audubon
Execute with the highest levels of quality and safety.

Related news + insights

Applying the FEED Phase to Reengineer the Future of Oil + Gas
Esteban Ramos
Esteban Ramos
Country Manager, Audubon
Brochure|
Importance of Debottlenecking in Downstream Operations
Jun. 13, 2023|
Blog|
Debottlenecking: What It Is and How It Can Help Optimize Downstream Processes