The last couple of years have been challenging for the oil and gas industry, and whilst we all hope the oil price situation will improve, it is clear that times are changing in the North Sea.
As a highly experienced project management & engineering team, SETS has seen many changes in the way IRM workscopes are carried out, but the last 24 months have seen many projects being shelved in order to save costs, at a time when maintenance in the North Sea has never been more important.
On top of that, some of the industry’s most experienced subsea engineers in Aberdeen keep their heads down and hope the oil price will improve. In the meantime, with the recent layoffs, Aberdeen is facing a knowledge gap, and ever ageing equipment in need of repair.
As structures age, redevelopment and maintenance projects require a more focused approach. The energy sector, particularly in the North Sea, needs to work differently, due to the age of the assets as well as the current oil price.
A lower oil price and ageing assets force us all to spend each penny wisely. Furthermore, as in all mature basins, the North Sea has a large number of installations, which are well beyond their original life expectancy. Additionally, many have changed ownership during their lifetimes, with records being lost or discarded, making risk assessment increasingly difficult. However, corrosion and cracking will not go away. As time passes, the integrity of North Sea assets is becoming a major concern.
SETS has been introducing a new philosophy towards IRM by spending more time on projects before leaving the shore, which has resulted in eight-figure sum savings for a recent client. Too often, subsea interventions go over estimate, or fail to deliver. A structured, risk based project management approach to complex IRM, redevelopment projects and life of field intervention will improve both the HSE and economic implications of a workscope.
Reactive OPEX no longer works without a full analysis of the overall picture. Clear decision points and a thorough de-risking of the workscope, both technical and commercial are vital to keep projects safe, on time and on budget.
With a keen eye on costs, operators need to look closely at the way IRM workscopes have worked in the past and consider a different way. The days of sitting onboard hugely expensive vessels waiting for decisions and even contingency engineering should be over.
Chris Tierney of project management & engineering firm SETS