Mixed HC Columns – do’s and don’ts In many basins there are hydrocarbon fields containing both oil and gas. Often with a wide range of relative amounts of gas and oil: from only oil to only gas, and every conceivable gas-oil mix in between these two endmembers. How should we do Risk & Volume Assessment […]
Tag Archives: Risk Management
Data Acquisition for Exploration: Risk Reduction or POS Polarisation?
Acquiring additional data in a basin (for example seismic acquisition or reprocessing) tends to be a costly and time-consuming affair. In many cases data acquisition programmes are simply considered an essential pre-requisite for doing exploration. However, justification to carry out such work can also be based on Value of Information (VoI) assessments. Data acquisition for […]
The Bull’s Head Risk Matrix: A Data-Driven Approach to Risk Assessment
The Bull’s Head Risk Matrix is developed to assist risk assessment, which, by nature, is a subjective affair. The Risk Matrix forces us to base the assessment as much as possible on data, information and understanding, making the assessment as objective as possible. While the matrix was developed for oil and gas exploration, it can […]
Reporting Risk & Volume Assessments: Key Insights and Best Practices
How to understand and report Prospect Volumes The results of Risk & Volume assessments of prospects are often communicated by quoting the POS and the MSV. For example: The POS of the prospect is 45%, and the MSV is 14.7 million barrels of oil. It looks like this says that there is a chance of […]
Floating Liquefied Natural Gas (FLNG)
7 Critical Risk Management Strategies for Floating LNG Safety: Protect Your Operations Now Floating Liquefied Natural Gas (FLNG) facilities have revolutionized the energy industry, enabling natural gas production in remote offshore locations. However, with great innovation comes great responsibility. Ensuring safety in these complex operations is paramount. This article delves into essential risk management strategies […]