Qualitative Risk Analysis
- Identification of hazards and causes
- Description of consequences
- Evaluation of risks
- Identification of existing preventive measures
- Definition of risk reduction measures
- Assignment of responsibilities
- Preparation of Risk Register
- Preparation of Risk Management Plan
Quantitative Risk Analysis
- Calculation of risked cost and duration for planned drilling operations
- Evaluation and selection of alternative technical solutions
- Preparation of prevention and mitigation plans for the reduction of both duration and cost.
“An Innovative Tool on a Probabilistic Approach related to the
Well Construction Costs and Times Estimation” (SPE 121837)
