IF QUANTIFIED RISK ASSESSMENT ISTHE ANSWER, ARE WE ASKING THE WRONG QUESTION?

2000 ◽  
Vol 40 (1) ◽  
pp. 635
Author(s):  
R. Sullivan
Keyword(s):  
Risk Assessment ◽  
Oil And Gas ◽  
Worker Safety ◽  
Policy Framework ◽  
Oil And Gas Exploration ◽  
Safety Issues ◽  
Exploration And Production ◽  
Regulatory Bodies ◽  
Independent Assessment

Regulatory bodies in Australia are taking an increasing interest in quantified risk assessment for assessing the significance of risks to worker safety and the environment associated with oil and gas exploration and production. In principle, quantified risk assessment (QRA) provides an objective, independent assessment of the risks associated with a particular activity or development, thereby enabling risk management decisions to be better informed. However, there are significant uncertainties associated with QRA which limit its potential to contribute to decision making.This article considers the limitations of QRA in decision making and proposes a policy framework within which safety and environmental risks can be assessed and decisions made. The proposed framework considers issues such as uncertainty in QRA, risk communication, the role of regulatory bodies and the need for credibility in the QRA process. The role of QRA is seen as assisting in clarifying the implications of various courses of action for decisionmakers, assisting in making decisions on safety issues and bringing a structured and analytical approach to assessments.

Hedging, Investment Efficiency, and the Role of the Information Environment

2020 ◽  
pp. 0148558X2091633
Author(s):  
Gerald J. Lobo ◽  
Tharindra Ranasinghe ◽  
Lin Yi
Keyword(s):  
Oil And Gas ◽  
Investment Decisions ◽  
Information Environment ◽  
Investment Behavior ◽  
Investment Efficiency ◽  
External Financing ◽  
Data Set ◽  
Oil And Gas Exploration ◽  
Exploration And Production

Extant theories suggest that managers may use hedging either to alleviate underinvestment problems caused by costly external financing or to promote overinvestment by circumventing the scrutiny of external capital markets. We empirically investigate this issue using a hand-collected data set of hedging and investment behavior of oil and gas exploration and production firms. We do not find evidence that hedging alleviates underinvestment problems. However, we do find a strong positive relation between the extent of hedging and the propensity to overinvest. Further analyses indicate that the relation between hedging and overinvesting is stronger in settings where the firms’ information environment is more transparent. A more transparent information environment makes it easier for outside capital providers to distinguish between value-enhancing and value-destroying investment decisions so that greater discretion over internally generated funds becomes more valuable to overinvesting managers. Our study highlights the role of hedging in facilitating overinvestment and the conditions under which this role is likely to be more salient.

A Systematic Approach to Risk Assessment: Focusing on Autonomous Underwater Vehicles and Operations in Arctic Areas

2014 ◽  
Author(s):  
Ingrid Bouwer Utne ◽  
Ingrid Schjølberg
Keyword(s):  
Risk Assessment ◽  
Systematic Approach ◽  
Oil And Gas ◽  
Autonomous Underwater Vehicles ◽  
Extreme Environments ◽  
Underwater Vehicles ◽  
The Arctic ◽  
Oil And Gas Exploration ◽  
Exploration And Production ◽  
Impact Risk

Climatic degradation of equipment, in combination with stringent requirements for human safety and minimalistic environmental impact, need to be addressed through improved risk assessment in vulnerable areas, such as the Arctic. The performance of technologies and risk related to its utilization, for example in terms of autonomous operations, significantly impact future requirements for oil and gas exploration and production. An interdisciplinary and systemic approach integrating both risk to the environment and to humans is needed as the challenges related to operation in extreme environments directly impact risk, costs, and the general societal acceptance of the activities. Development of such an approach focusing on autonomous underwater vehicles (AUV) and operations is addressed in this paper.

APPLICATION OF ECOTOXICOLOGY TO ENVIRONMENTAL MANAGEMENT IN THE AUSTRALIAN OFFSHORE OIL AND GAS INDUSTRY

1994 ◽  
Vol 34 (1) ◽  
pp. 809
Author(s):  
Louis H. Evans ◽  
Jeffery T. Spickett ◽  
Joseph R. Bidwell ◽  
Robert J. Rippingale ◽  
Helen L. Brown.
Keyword(s):  
Risk Assessment ◽  
Environmental Management ◽  
Environmental Impact ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Oil And Gas Exploration ◽  
Exploration And Production ◽  
Offshore Oil And Gas ◽  
Offshore Oil

Environmental impact from offshore oil and gas exploration and production is likely to arise from five main sources—produced formation water, drilling fluids and cuttiftgs, industrial chemicals used in production activities, accidental oil spills and the physical disruption of the marine environment by coastal and offshore engineering works. The principle task of environmental managers is to evaluate the risk of impact on the marine environment from their company's activities and to formulate and implement company policy and procedures aimed at minimising this risk. Of critical importance is the determination of the extent and scope of the environmental program designed to control and monitor impacts.The development of environmental management programs in the oil and gas industry involves two main processes—ecological risk assessment and formulation of a monitoring program. This review outlines the steps involved in ecological risk assessment with specific reference to the offshore oil and gas industry. Information is presented on the basic principles involved in risk assessment, the main source of environmental impact from offshore oil and gas exploration and production and the different approaches that can be used to predict and monitor impacts. Approaches for improving the cost efficiency of ecotoxicological testing are discussed. Results of recent ecotoxicological studies on a biocide preparation and two corrosion inhibitors used in oil and gas production activities on the North West Shelf are also presented.

Accelerating oil and gas investment and reserves by design

2018 ◽  
Vol 58 (2) ◽  
pp. 557
Author(s):  
Barry A. Goldstein
Keyword(s):  
Natural Gas ◽  
Fossil Fuels ◽  
Oil And Gas ◽  
South Australia ◽  
Land Access ◽  
Oil And Gas Exploration ◽  
Oil And Gas Producers ◽  
Crude Oil Prices ◽  
Exploration And Production ◽  
Oil And Gas Operations

Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence (Adams 1770). Some people unfamiliar with upstream petroleum operations, some enterprises keen to sustain uncontested land use, and some people against the use of fossil fuels have and will voice opposition to land access for oil and gas exploration and production. Social and economic concerns have also arisen with Australian domestic gas prices tending towards parity with netbacks from liquefied natural gas (LNG) exports. No doubt, natural gas, LNG and crude-oil prices will vary with local-to-international supply-side and demand-side competition. Hence, well run Australian oil and gas producers deploy stress-tested exploration, delineation and development budgets. With these challenges in mind, successive governments in South Australia have implemented leading-practice legislation, regulation, policies and programs to simultaneously gain and sustain trust with the public and investors with regard to land access for trustworthy oil and gas operations. South Australia’s most recent initiatives to foster reserve growth through welcomed investment in responsible oil and gas operations include the following: a Roundtable for Oil and Gas; evergreen answers to frequently asked questions, grouped retention licences that accelerate investment in the best of play trends; the Plan for ACcelerating Exploration (PACE) Gas Program; and the Oil and Gas Royalty Return Program. Intended and actual outcomes from these initiatives are addressed in this extended abstract.

scholarly journals Analisis Curse Theory pada Sumber Daya Alam Migas Bagi Warga Madura

2018 ◽  
Vol 14 (1) ◽  
pp. 12
Author(s):  
Mohammad Hidayaturrahman
Keyword(s):  
Oil And Gas ◽  
Gas Production ◽  
Community Empowerment ◽  
Government Programs ◽  
Oil And Gas Production ◽  
Oil And Gas Exploration ◽  
Exploration And Production ◽  
State Income ◽  
The Government ◽  
Oil And Gas Sector

Government policies in natural resource management, especially in the oil and gas sector face a lot of problems. However, the government also has a responsibility to improve the life of people affected from oil and gas exploration and production activities. This research was aimed at investigating how the implementation of policies run by the central and local government toward the oil and gas management and community empowerment, especially the community located closely  to oil and gas exploration and production activity in Madura, East Java. This research method is phenomenological research using descriptive qualitative approach. Therefore, this study is conducted through direct observation on the object during the research time. The data collection is done through observation and interview. The results of this study revealed that it is needed an integrated step done by the government, vertically, whether central, provincial, district, and village to synchronize oil and gas management and community empowerment programs. By doing so, the ideas and desires to improve the welfare and increase the state income will be realized, especially in focusing corporate and government programs improving citizen’ economic and education, whose area becomes the location of oil and gas production.

scholarly journals Fluid pressure waves trigger earthquakes

2015 ◽  
Vol 200 (3) ◽  
pp. 1279-1283 ◽  
Author(s):  
Francesco Mulargia ◽  
Andrea Bizzarri
Keyword(s):  
Oil And Gas ◽  
Nonlinear Partial Differential Equation ◽  
Active Faults ◽  
Fluid Pressure ◽  
Rock Joints ◽  
Pressure Waves ◽  
Earthquake Triggering ◽  
Oil And Gas Exploration ◽  
Exploration And Production ◽  
Von Mises

Abstract Fluids—essentially meteoric water—are present everywhere in the Earth's crust, occasionally also with pressures higher than hydrostatic due to the tectonic strain imposed on impermeable undrained layers, to the impoundment of artificial lakes or to the forced injections required by oil and gas exploration and production. Experimental evidence suggests that such fluids flow along preferred paths of high diffusivity, provided by rock joints and faults. Studying the coupled poroelastic problem, we find that such flow is ruled by a nonlinear partial differential equation amenable to a Barenblatt-type solution, implying that it takes place in form of solitary pressure waves propagating at a velocity which decreases with time as v ∝ t [1/(n − 1) − 1] with n ≳ 7. According to Tresca-Von Mises criterion, these waves appear to play a major role in earthquake triggering, being also capable to account for aftershock delay without any further assumption. The measure of stress and fluid pressure inside active faults may therefore provide direct information about fault potential instability.

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