Offshore estimating example

Offshore Estimating Example (Appendix N presents a rational way to convert U.S. base estimates to offshore locations.)... 

Specialized studies are investigations that attempt to verify the ability of a facility to perform effectively during an emergency, generally by mathematical estimates. They are used extensively to justify the necessity or deletion of a safety system. The most common studies are listed below however every facility is unique and may require it s own investigative requirements (e g., for an offshore facility - the potential for ship collisions). For example, for a simple unmanned wellhead... 

Markets for SPC stayed strong in the 1979-82 period since industrial maintenance activities continued despite recession. Other parts of this market, for example, marine finishes for offshore rigging and increased use of auto finishes, will maintain good growth of SPC over the long range. The growth of these markets is estimated in Table X. 

Several factors motivated deepwater ventures. One is that decades of drilling had depleted oil and gas resources in shallow regions of the GOM, and studies showed far more abundant resources farther offshore in deepwater GOM regions. For example, in 2006, DOI announced that 15 billion barrels of deepwater oil and 60 trillion cubic feet of deepwater gas had been discovered and were available for production, with high potential for discovering and exploiting an additional 86 billion barrels of deepwater oil and 420 trillion cubic feet of deepwater natural gas. It estimated that at current rates of consumption, these resources would be sufficient to replace all oil imports for almost twenty-five years and provide for all U.S. natural gas consumption for more than twenty years. ... 

In recent years, offshore oil and gas exploration and field development are increasingly focused on the Arctic waters. The U.S. Geological Survey has estimated that as much as 28 percent of all recoverable resources (oil, natural gas and natural gas liquids) yet to be discovered are to be found north of the Arctic Circle (Kayrbekova et al., 2011, Bird, 2008). At the same time, the Arctic also has the harshest environmental condition for offshore activities, for instance, the remoteness, the extreme cold, dangerous sea ice, and a fragile environment. There have been some examples of moored offshore installations in ice. However, there is very little operational experience regarding DP operations in ice. 

Understanding of the level of control one has over risk is important in the context of financial decision-making associated with new offshore wind farm projects. Effective risk management requires a new model to adequately address systemic risk, which is important for two reasons. First, if systemic risk, which impacts across all turbines, is ignored then overall farm performance will be over-estimated. Second, the epistemic uncertainty associated with systemic risk can be reduced by as we learn from relevant data and information gathered from, for example, relevant testing. 

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