Before it breaks

There’s much to be attained in navigating the inherently muddy waters of risk assessments. Examining a pipeline asset’s current characteristics, as well as external factors, must come into play.

Spatial risk assessment in the context of pipeline operations necessitates the use of robust software solutions that allow for data integration from across an enterprise. The development of complex risk algorithms, using modular threat and consequence models, is allowing for high-resolution risk analysis for pipelines.

A growing number of pipeline companies are using customisable risk-modelling solutions to make more informed decisions to effectively manage and deal with risk. By combining business logic, engineering best practices, operational expertise, and asset management strategies, pipeline operators can take an integrated approach to comprehensive risk assessments.

Data chiefs

MIT Technology Insights shared the results of a recent global survey including 351 Chief Data Officers, Chief Analytics Officers, Chief Information Officers, and other senior technology executives. They revealed how much weight companies have been giving an enterprise data strategy, in alignment around business objectives such as improving operational efficiency and maintenance of physical assets.

Almost half of the oil and gas respondents had already been evaluating or implementing a new data platform to enable enterprise-wide data strategy or solutions to address current challenges. However, only 17% of oil and gas respondents rated their organisations as high achievers on their data strategy delivery. Obtaining greater visibility through data-based analytics and actionable insights is a very real and available possibility for oil and gas companies interested in managing risk from a more holistic pipeline integrity point of view. Data integration from various sources empowers users to quantify risk more accurately, and subsequently prioritise actions to mitigate it.

Risk assessment results are only as good as the input data; any risk modelling and mitigation strategy you choose should be designed to meet the needs of your assets and utilise the data you have available. Advanced GIS software tools create sophisticated, modular models to identify threats and assess pipelines, utilising design, operations, maintenance, and assessment records or spatial risk models.

The value of risk assessments

Risk can be defined in the context of a simple equation; the consequence of failure multiplied by the likelihood of failure. From a highly objective standpoint, pipeline operators must have a clear comprehension of what types of risk they will likely face …

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Read the article online at: https://www.worldpipelines.com/special-reports/19062023/before-it-breaks/