The cost of well integrity failures cannot be measured by catastrophic incidents and major losses alone. Less obvious, but still very significant, production losses are suffered every day by oil and gas companies as a result of unnecessary well shut-ins.
Consultancy work carried out and published with Maersk Oil Qatar (SPE 175473) illustrates how a proactive approach in well integrity management can lead to significant benefits and financial gains. This is in addition to knowing that well risks are managed using criteria that improve on accepted industry practices.
This approach can support major reductions in lost production, for example:
Other financial gains are made with
These financial gains are in addition to well risk management and safety performance improvements that prevent catastrophic failures.
Example of annual financial benefits
Benefits similar to those illustrated above are available to Empirica users.
You can achieve huge value using Empirica: a unique application centred on evidence based measurements, pre-emptive risk assessment and advanced risk modelling capability tailored specifically for well integrity management.