Safe Influx has now developed a model to assist Operators and other clients in assessing their forward-looking risked costs associated with well control. This can be applied to a single well, a series of wells, or indeed a field development. Safe Influx has developed a database of global and regional historical information covering kick frequencies, blowout frequencies, blowout durations, rig damage and repair costs, environmental spill frequencies, clean-up costs, and fatality frequencies etc. Discussions have also been held with the global oilfield insurance industry to help in gaining information on certain aspects of the input data.
For a particular study, this information can be utilised to assess the expected risked cost of future well control incidents. In addition, the savings that can be delivered by using the Safe Influx technology in reducing kick and blowout exposure will be clearly articulated. The net present value (NPV) of deferred production during rebuild events (following a blowout) can also be modelled and included in the output. Additionally, the negative effects of reputational damage can also be assessed. If the client wishes to use their own kick and blowout frequencies rather than regional historical figures, then that is easily accommodated.
Particular effort has been put into presenting the output data into a couple of easy to understand charts. Sensitivity analyses are also performed for every modelling run, and any type of bespoke requirement can be accommodated. Safe Influx can also provide this modelling as a service, irrespective of whether or not you may want to use our Safe Influx technology.
We believe this approach is totally novel, and is the first time we, with collectively over 100yrs of Operator experience, have ever seen the risk cost of well control quantified in this way. If you want to learn more, please contact us.