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3 questions asset managers should be asking

Three questions for mature asset managers

Portrait of Kirsten Oliver

Kirsten Oliver | Global Asset Advisory Service Line Lead | 02 October 2018

As an asset ages there are three key questions that must be answered to ensure operators take the most appropriate path and make the right decision for ongoing cost-effective production.

1.  Are we addressing the right problem?

Often the offshore team and onshore team work in isolation. They use different data sources or management systems. Both teams believe they are addressing the right problem, but both are sorting through different issues. The result is a failure to address crucial elements of overall operations.

For example: Subsea intervention work, needed to rectify downhole water injection capability, is being executed by the subsea team.  Unfortunately, since the work is not planned and recognised by the global work management system, the platform crew was not aware of the need to reinstate the seawater treatment package to ensure water suitable for injection is available. The crew instead is focused on their high priority structural integrity repairs. 

Best solution

Our Advisian approach not only provides a professionally structured workshop to holistically assess production and integrity of the operations, but also offers digital data tools and software platforms that can be used to assist with cleansing data, defining interfaces and linking disparate data management systems. This ensures the information around the organisation is centralised, easily accessible and visible to decision makers in order to remove the siloed approach to managing assets.

2.  Do we understand the acceptable level of risk?

In today’s low oil price environment, there is increasing pressure to fully understand risk so that spend can be optimised.  Cash flow significantly influences OPEX spend.

ALARP infographic ALARP infographic

Globally OPEX costs have reduced by 17%, and the UK North Sea sector has seen a 50% average decrease in OPEX (unit operating costs) during the period 2014-2017, where the average facility age is 26 years. To fully understand risk, we often need to recreate original in-depth analysis models with current software, codes and using the latest operational data.  This can be a costly exercise and may not always be necessary.

Best solution

Here at Advisian we have the right technical expertise to bring into the decision-making process, who can provide an understanding of the costs and the implications of recommended solutions. Solutions may range from optimisations to be implemented or “do nothing”, but for each solution we will ensure that the associated impact is fully understood.

Advisian provides a structured approach and integration of digital data to offer asset managers access to a blend of management and advanced technical consultancy to answer all these questions.

3.  Are the right people involved?

To make the right budget decision you need a technical understanding of the implications. All too familiar budget cut put additional pressure on operations and maintenance to spend budget wisely. More often than not activities critical to understanding condition, e.g. inspection, are deferred in respect to short term activities to increase production (e.g. well workovers).

Best solution

Our Advisian asset support gurus ensure the best fit solutions. Our technical consultants can assist in defining what advanced analysis would be most beneficial, whether it be flow assurance, fitness for service or reassessment of safety systems. This can be carried out on specific areas and the in situ teams’ technical knowledge used to test assumptions to increase confidence in output.

Advisian provides a structured approach and integration of digital data to offer asset managers access to a blend of management and advanced technical consultancy to answer all these questions.