Risk Identification and Mitigation Strategies for Deepwater Oilfields Development

2016, Volume 3, Issue 4

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Frontiers of Engineering Management >> 2016, Volume 3, Issue 4 doi: 10.15302/J-FEM-2016057

Risk Identification and Mitigation Strategies for Deepwater Oilfields Development

CNOOC Research Institute, Beijing 100028, China

Accepted: 2016-12-07 Available online: 2016-12-27

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Abstract

Deepwater oilfields will become main sources of the world’s oil and gas production. It is characterized with high technology, huge investment, long duration, high risk and high profit. It is a huge system project, including exploration and appraising, field development plan (FDP) design, implementation, reservoir management and optimization. Actually, limited data, international environment and oil price will cause much uncertainty for FDP design and production management. Any unreasonable decision will cause huge loss. Thus, risk foreseeing and mitigation strategies become more important. This paper takes AKPO and EGINA as examples to analyze the main uncertainties, proposes mitigation strategies, and provides valuable experiences for the other deepwater oilfields development.

Keywords

deepwater oilfield ; field development plan ; implementation ; reservoir management ; risk identification ; mitigation strategies

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