Journal of Petroleum Technology, Vol.52, No.12, 52-53, 2000
Managing operating costs with a risk- and economic-evaluation tool
Management of operating costs and resource planning is fundamental to maximizing asset value. However, there is a balance between the capture of cost reduction and revenue enhancement opportunities and management of health, safety, environment (HSE), and integrity risks. Risk-reduction activities must be ranked on an equitable basis with straightforward economic opportunities. The resulting ranked List of ideas forms the basis of prioritization for input to activity planning, estimates of budget targets to maintain asset integrity, and managing expenditure within budget targets and known levels of risk.