Risk Management in the Development of Drilling Technological Projects

Recovery of hydrocarbon is an important aspect of the O&G industry, which has gained much importance in recent times. It can be achieved through a set of activities and decisions in which successfully drilling the oil/gas deposits is very important. Drilling is a critical step in the exploration process, and it has a high level of risk in terms of cost, timeline, safety, and project completion. The study focuses on identifying, evaluating and estimating unforeseen events that may occur during the drilling projects. The methodology acquired for this paper includes a thorough focus on the literature review which has been done. It consists of a model/theory related to risk management and the concept of risk management processes. A comprehensive project life cycle model with six stages has correlated with the drilling phases. Detailed risk management has been practised for an integrated risk portfolio for the development project. A generalized risk identification approach has been utilized to recognize possible threats. A qualitative risk assessment has been executed for the findings. Impact and probability benchmarks are categorized per the past historical well's performances and published data. Considering the importance of risk management for said projects, the study focused on the literature review that highlights the processes, procedures, and models for drilling risk management. Risks have been recognized through a rigorous and comprehensive risk identification process and have been evaluated with the qualitative risk assessment approach. The risk register for development drilling projects has been developed along with the risk matrix as per the defined criteria of risk impact and probability for drilling. Furthermore, a detailed risk breakdown structure has been formulated according to the general area categorization to enlighten the risks focused on each area of interest. Overall, the study will provide a value-added and detailed risk management approach for new ventures, which may be planned with the implementation of comprehensive drilling risks management.