Photo: Harald Pettersen/Statoil

Decision & Risk Management

Key R&D activities include:
  • Development of risk-informed decision software tools
  • Reliability data collection and assessments
  • Collaborations between the risk management research groups at IRIS and the University of Stavanger (UiS) 

Software development
Through the past 15 years IRIS has developed Risk-informed software tools based on advanced stochastic and physical models for the petroleum industry in collaboration with several oil & gas operators.
  • Risk€ is a software tool that provides decision-makers with probabilistic cost and duration estimates in the planning phase of a well and provides a good basis for well cost risk management. 
  • VOI (Value of Information) software is a tool to support decision making in the oil & gas exploration and production industry. VOI is particularly valuable in understanding the key uncertainties impacting the decisions and the added value of collecting information for different scenarios. 
  • The KickRisk suite of programs provides methods to quantify risk output and a complete environment for investigating kick and blowout risks based on well- and equipment-specific input. The three main modules are:
    • Kick module
    • Loss of Well Control module
    • Blowout module (BlowFlow) 
  • BlowFlow is a software tool that has been developed for risk based evaluation of blowout scenarios for quantification of blowout flow duration, volumes and rates for input to environmental risk analysis in an HSE context, and corresponding dimensioning of necessary oil-spill preparedness planning. 

Pilot and real well planning studies are performed using the software upon client requests. Software licences for some of the software are also available, including aftersales support package and training. Contact us for further information.

Reliability studies

Through the past 15 years IRIS has performed various reliability studies to provide decision-support and develop methodology for several of the oil & gas operators. Examples are:
  • Collection, exchange and use of reliability data linked to the OREDA database. IRIS has played an active role in achieving high quality reliability data for subsea equipment supporting the OREDA participants and management. 
  • Risk-informed assessments of well barrier testing intervals. Several studies are performed to optimize the time to perform functional testing of the downhole safety valves during the production phase. 
  • Various reliability assessments of systems requested from oil & gas operators. 
IRIS and UiS collaborations

Treatment of risks and uncertainties in relations to the petroleum industry has been a principal activity in the risk management groups at IRIS and at the UiS for more than 15 years. Several PhD theses have been produced based on the collaborations between the two groups. 
See also activities in SEROS.

Both IRIS and UiS are also currently involved in the set-up of the Centre for Petroleum Production facilities (CPPF) in the field of Risk management and reliability.
Risk management competences
  • Risk assessments
  • Reliability analysis
  • Decision analysis and modelling
  • Bayesian Networks modelling
  • Computerised model programing
  • Signal analysis methods