The Future of Offshore Risk Management

 In

The Future of Offshore Risk Management

By: Mike Neill, Petrotechnics President – North America

Many operators face a dilemma. Production rates, or revenue sources, are only a fraction of what they were when fields were producing at their peak rate. Now, a majority of facilities are approaching or have exceeded their design life, and each year costs for maintenance and repair increase while the revenue stream to fund it diminishes. Factor in the precipitous fall in oil prices over the last 18 months, and it would be no exaggeration to say mature offshore fields are facing a crisis.

There has never been a more critical need in the industry to address risk management in offshore facilities.

 

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