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Reduce Costs Through Risk-Based Management

Industry, Factory, Oil Refinery
Business / Risk-based management

Reduce Costs Through Risk-Based Management

Reduce Costs through Risk-Based Management    

What if oil and gas facilities could defend themselves against unplanned shutdowns, unexpected future costs, and potential threats to health and safety? The use of Risk-Based Management (RBI) systems for pipelines and other critical assets strives to do just that. RBI seeks to help operators reduce inspection costs and the number of failures by establishing the risk level for a particular piece of equipment and setting inspection intervals based on the calculated risk. When implemented correctly, RBI can identify risk, understand where equipment is in its lifecycle, and prioritize inspection-related activities.

Value of RBI

Oil and gas operators face complex challenges when managing the integrity of their assets. Every year these companies lose hundreds of millions of dollars in repairs, equipment replacement, and unplanned critical equipment downtime due to corrosion. Corrosion management requires the consideration of many factors that may cause corrosion, including external corrosion, internal corrosion, and environmental factors. Because flowlines, vessels, tanks and pumps are a critical piece of infrastructure and an extremely long-serving one, action must be taken to prevent corrosion and optimize inspection and maintenance.

Corrosion management needs to consider elements such as design, operation, and leak detection, as well as other factors. This is best approached through a Risk-Based Inspection. The RBI asset integrity management methodology prioritizes assets for inspection based on associated risks. It does this by assessing items based on the probability of failure (PoF) and the consequence of failure (CoF) and categorizes each item for inspection priority. By focusing inspections on priority assets, RBI can maximize resources by concentrating them on equipment with higher risks.

Key Benefits of RBI

When implemented correctly, an RBI approach provides numerous advantages to oil and gas industries, including:

  • Reduction in downtime through more reliable equipment and production facilities operation
  • Increased safety
  • Reduced inspection costs

When implementing RBI, it’s important to remember that the primary goal is safety concerns, as it helps business operations focus on the risks that threaten critical processes. However, RBI’s value for resource optimization in a low oil price environment is an excellent asset for oil and gas operators. RBI simultaneously increases safety by giving organizations a better understanding of their risks and reduces maintenance costs by efficiently allocating inspection resources on high-risk equipment.

An effective RBI analysis can indicate:

  • the type of damage that can lead to failure
  • where it may occur
  • the frequency of inspections that should take place to rectify the issue
  • consequences of failure

Simply put, RBI reduces overall risk, inspection costs, and downtime. When oil and gas operators can have a clearer picture of their business, it allows them to eliminate risk before it becomes an unexpected and more expensive cost further down the line. At Inteleum, we are a highly specialized petroleum engineering and technology firm providing expertise in corrosion management. Contact us today and see how we help our clients identify and evaluate breakthrough technologies to help them achieve their goals.

Key Takeaways

  • RBI seeks to help operators reduce inspection costs and the number of failures by establishing the risk level for a particular piece of equipment and setting inspection intervals based on the calculated risk.
  • RBI can be used to identify risk, understand where equipment is in its lifecycle, and prioritize inspection-related activities.
  • RBI simultaneously increases safety by giving organizations a better understanding of their risks and reduces maintenance costs by efficiently allocating inspection resources on high-risk equipment.
  • Consistency and repeatability of analysis are both critical parts to producing an effective RBI program.
  • At Inteleum, we are a highly specialized petroleum engineering and technology firm providing expertise in corrosion management.

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