Risk management
EVP Giulia Chierchia and Chairman Helge Lund are stepping down amidst difficult Q1.
The EIA issued a new forecast for US oil production as a result of US President Donald Trump’s recently announced tariffs.
A 25% tariff on steel imported into the US has some US oil and gas companies nervous about future spending plans.
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We are comfortable with the reality of swift intuitive judgement being the primary decision-making approach of experienced engineers in emergency situations. But as the engineer in the situation has less experience available to him/her, how do psychological factors affect outcomes? -
The understanding of decision-making processes is critical in ensuring project success and safety. Project failures—and disasters—can result from the lack of understanding or implementation of sound principles.
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In spite of massive investments in project management best practices and the organizations to implement them, major oil and gas projects continue to experience cost overruns and schedule delays. A root cause that has not been sufficiently explored is the built-in bias toward overconfidence.
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In this paper, a data-driven model is applied to derive optimum maintenance strategy for a petroleum pipeline. The model incorporates structured expert judgment to calculate the frequency of failure, considering various failure mechanisms.
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Cost estimation for facilities depends on early concept selection and critical inputs, often complicated by uncertainty in one or more of the critical inputs. Empirical cost models and cost modeling methods using these inputs vary in degrees of scope, comprehensiveness, and robustness.
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Engineers in the oil and gas industry make tough decisions for a wide variety of issues, including risk and safety, and about design and other types of tradeoffs, as well as operational assessments.
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