Global Lost Production

Over $30 billion lost every year for well integrity reasons

Experts from major and independent oil companies estimate that production shut in for well integrity reasons ranges from 5% to 20% of their total production potential.

If you take global oil production at 93,000,000 bbl/day and the lowest of these percentages, this is equivalent to production from Canada or China and more than the entire production from Europe.

Even at $20/bbl this is equivalent to over $30,000,000,000 lost annually.

Production Shut in For Well Integrity Reasons
%
Oil Price
$/BBL
UNITEDSTATES14.3 RUSSIA10.7 SAUDIARABIA11.8 CANADA4.6 COL1.0 NOR1.9 CHINA4.3 UAE3.4 KUWAIT2.8 IRAN3.5 NGA2.5 AGO1.8 KAZ1.7 DZA1.6 UK0.9 VEN2.6 IRAQ3.8 QATAR2.0 BRAZIL2.8 MEXICO2.5 LostProduction4.7 LostProduction14.0 LostProduction18.7 LostProduction9.3
US EIA Crude Oil, NGPL & Other Liquids, April 2015.
Total global production = 93.4 million bpd
Global Lost Production: 4,650,000 bpd
Annual Financial Loss: $50,917,500,000
Empirica

Evidence based well risk management

Find Out More >

You can address this challenge with Empirica

The prize for reducing these losses is enormous; application of well designed technology can make a very significant impact.

You can have a clear advantage in understanding your well integrity challenges using Empirica. You manage well risks whilst being sure your company does not unnecessarily contribute to global production losses.

Industry Challenges

Project Delays<br/>& Cost Overruns

Project Delays
& Cost Overruns

If you do not change direction you may end up where you are heading

Business Cycles

Business Cycles

Issues related to staffing will be the most critical challenge we have ahead of us

Global Lost Production

Global Lost Production

Over $30 billion lost every year for well integrity reasons

Well Risk Insurance

Well Risk Insurance

Mind the gap

Performance<br/>Advantage

Performance
Advantage

Tipping the balance in your favour

Unnoticed<br/>Losses

Unnoticed
Losses

The hidden cost behind apparent best practices

Oversight & Regulation

Oversight & Regulation

Meeting your obligations

Unseen Risks

Unseen Risks

Mastering Well Integrity is impossible if you cannot see the real risks

Well Abandonment

Well Abandonment

Avoid a sting in the tail

Catastrophic<br/>Failure

Catastrophic
Failure

We can’t afford to lose reputation – even a shred of reputation