Risk Analysis Application for Drilling Operations

Abstract

During the last three decades, Risk Analysis has become an important tool for the Oil Industry. Risk Analysis methods have been used in a variety of ways as a means to evaluate exploration and development projects as well as a tool for investment decision. In addition, use of Risk Analysis methods for economic and engineering applications has become widely accepted. This article presents a review of the use of this tool specifically for drilling operations and describes the development and application of a method for risk analysis in fishing operations. The decision-making method described, that can be applied for various oilwell operations, is based on risk analysis theory and uses previous operation results in order to analyze if the operation being carried out is the one with the highest probability to conduct to the best economical result. An example of the method application utilizing actual field data is provided.