The innovative paradigm developed by Bureau Veritas has been applied to achieve superior outcomes and benefits for a major oil and gas player. The focus of this innovative approach achieved operational security and risk management for the critical ageing assets. The paradigm and its vital components will become the benchmark for the management and improvement of the performance of ageing assets and serve as a fundamental input to new generation design for oil and gas facilities.
Among the key challenges in managing the performance (risk and integrity) of new and ageing assets are the understanding of process safety and critical equipment condition. When discussing with senior management the issues foremost on their minds, Bureau Veritas has found the answer is a common theme—how can I be confident the design of new or existing facilities is fit-for-purpose for the duration of the asset’s life? The integrated approach has brought together the leading concepts/tools in process risk management and prognostic health and reliability engineering. These components include rigorous risk-assessments of the process as well as sensing design based on failure mode consequence effect analysis (FMCEA), data acquisition and processing (real-time monitoring and data fusion), diagnostic and prognostic models and systems for the effective management asset(s). The result of this approach creates a value proposition of financial significance advantage.
Longevity Risk Management and the Development of a Value-Based Longevity Index
