Synopsis
When offshore structures, such as oil and gas platforms and wind turbines, reach the end of their life cycles, they need to be removed from service or decommissioned, with minimal risk to cost, schedule, reputation, safety, and the environment. As many platforms and turbines are starting to reach their end of life, decommissioning is becoming a larger industry on a worldwide scale. At the time of writing, there are approximately 170 installations, 10,000 km of pipeline, and 5,000 wells within the North Sea alone. It is estimated, for example, that between 2016 and 2021, 600 installations will have to be decommissioned globally as they approach the end of their operational lives. The Offshore Decommissioning Study Report commissioned by the IHS Markit states that in 2015, spending on decommissioning projects was approximately $2.4 billion and will reach $13 billion per year by 2040. That’s an increase of 540% in just 25 years. Decommissioning Risk Management is part of the Applied Project Management Book Series, where we detail the applications of Monte Carlo Risk Simulation, Strategic Real Options, Stochastic Forecasting, Portfolio Optimisation, Data and Decision Analytics on the decommissioning process.
Some short quotes and praises for the book:
“…provides structured guidance on risks of planning, executing, completing decommissioning… uses real-world analytic models… I recommend this to companies to understand, quantify, and manage risks in decommissioning…”
Adam Beardmore, CEng, MEng, CQRM, Business Development Lead, Centrica Storage Limited (CSL)
“…combines deep experience in decommissioning with the methods, tools, and techniques to explore risks and options to make the right decisions at the right time... it explains the issues in detail and how to approach them…”
Mike Tooke, CEng, MEI, Director, 2G BioPOWER
“…applies analytical methods to mitigate the risk of a project overspend and delay… important for experienced project managers in decommissioning offshore O&G platforms… recommend it and the tools to all working in this field…”
David Talbot, FEI, Chief Executive Officer, CATCH UK
“…quantitative risk management maximises social, economic, and environmental outcomes of industrial-scale decommissioning… practical examples illustrate latest data modelling techniques to corporate decision-making for quicker and robust decisions… before you take it apart read this first!”
Phil Glover, CQRM, Business Development Manager, Humber Local Enterprise Partnership UK
“…powerful method of visualising, quantifying, analysing, and mitigating decommissioning risks with real options assessments to make smarter decisions… demonstrates the fantastic PEAT-DECOMM software, a risk-based decommissioning cost analysis with Monte Carlo simulation combining expertise in O&G project management…”
Jayesh Parekh, CEng, CQRM, Engineering Business Manager, ENGIE Fabricom UK
“…timely, industry-leading, robust risk management approaches to a new industry, offshore decommissioning… the authors’ combined experience from hands-on management of offshore decommissioning and other industries provide a solid step towards safer and better implementation. Thanks!”
Martin Bjerregaard, MBA, BSc, MCIWM, Director, D3 Consulting Limited
“…provides the tools and techniques to understand the risks and opportunities to achieve project objectives… the tools analyse a wide range of variables to make quantitatively-backed business decisions… real-world data can be fed in so organisations can identify and react quickly to emerging trends… can be applied to any risk type…”
James Bird, CQRM, Senior HSE Manager, KIER Group
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