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Quantifying the Added Value of Adopting Condition Monitoring to Subsea Blowout Preventer (BOP)

Elusakin, Tobi and Shafiee, Mahmood (2020) Quantifying the Added Value of Adopting Condition Monitoring to Subsea Blowout Preventer (BOP). In: Baraldi, Piero and Di Maio, Francesco and Zio, Enrico, eds. Proceedings of the 30th European Safety and Reliability Conference and the 15th Probabilistic Safety Assessment and Management Conference. Research Publishing, Singapore, pp. 781-788. ISBN 978-981-1485-93-0. (Access to this publication is currently restricted. You may be able to access a copy if URLs are provided) (KAR id:87319)

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As the technology for fault detection, diagnosis and prognosis has become increasingly affordable over time, offshore oil and gas industries have adopted condition-based maintenance (CBM) over corrective and time-based maintenance as their preeminent maintenance regime for safety instrumented assets. This has made determining the economic added value of CBM strategy very crucial for organizations. This paper presents a framework to perform an economic feasibility analysis of implementing CBM in subsea oil and gas production systems, with a particular focus on blowout preventers (BOPs). Though the BOP is one of the most important safety-critical drilling equipment in the oil and gas sector, to the best of our knowledge there is no study examining the economic added value of CBM strategy. Our methodology takes into account both the costs associated with CBM implementation (including acquisition, installation, and operation and maintenance (O&M) costs) as well as the benefits which are accrued from implementing CBM (such as increased revenue and reduced repair costs). An accurate and robust cost-benefit analysis (CBA) is performed for the adoption of CBM in BOPs and some metrics such as net present value (NPV) and cost-benefit ratio (CBR) are calculated. The proposed approach in this study will provide asset managers and maintenance professionals with a key decision-making tool with which to make an informed financial case for implementing CBM.

Item Type: Book section
Uncontrolled keywords: Condition monitoring, Blowout Preventer (BOP), Diagnosis, Prognosis, Asset management, Cost-benefit analysis, Subsea oil and gas.
Subjects: T Technology > TA Engineering (General). Civil engineering (General) > TA165 Engineering instruments, meters etc. Industrial instrumentation
T Technology > TA Engineering (General). Civil engineering (General) > TA401 Materials engineering and construction
T Technology > TJ Mechanical engineering and machinery
Divisions: Divisions > Division of Computing, Engineering and Mathematical Sciences > School of Engineering and Digital Arts
Depositing User: Mahmood Shafiee
Date Deposited: 25 Mar 2021 10:14 UTC
Last Modified: 18 Mar 2022 23:11 UTC
Resource URI: (The current URI for this page, for reference purposes)

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