What's your process for drilling risk mitigation and contingency planning?

1 Risk identification

The first step in your drilling risk mitigation and contingency planning process is to identify the potential risks that could affect your drilling objectives and performance. You can use various sources of information, such as historical data, geological models, well design, operational procedures, and regulatory requirements, to create a comprehensive list of drilling risks. Some common drilling risks include wellbore instability, lost circulation, stuck pipe, blowouts, equipment failures, and environmental impacts.

2 Risk analysis

The next step is to analyze the identified risks in terms of their likelihood and impact. You can use qualitative or quantitative methods, or a combination of both, to estimate the probability and severity of each risk. You can also use risk matrices, charts, or diagrams to visualize and prioritize the risks. The purpose of risk analysis is to determine which risks are acceptable, which risks need to be mitigated, and which risks need to be transferred or avoided.

3 Risk mitigation

The third step is to develop and implement risk mitigation strategies for the risks that need to be reduced or controlled. You can use various techniques, such as engineering design, operational planning, quality assurance, testing, monitoring, and emergency response, to minimize the exposure or consequence of the risks. You should also document the risk mitigation actions, responsibilities, and resources in a risk register or a risk management plan.

4 Contingency planning

The fourth step is to prepare contingency plans for the risks that cannot be mitigated or that may occur despite the mitigation efforts. Contingency plans are alternative courses of action that can be activated in case of an unexpected event or situation that threatens your drilling objectives or performance. You should define the triggers, scenarios, options, and procedures for each contingency plan, as well as the roles and responsibilities of the involved parties.

5 Risk communication

The fifth step is to communicate the drilling risks and contingencies to all the relevant stakeholders, such as the drilling team, the management, the contractors, the regulators, and the public. You should use clear and consistent language, formats, and channels to share the information and feedback on the risk identification, analysis, mitigation, and contingency planning process. You should also update the risk communication as the drilling project progresses or changes.

6 Risk monitoring and review

The sixth and final step is to monitor and review the drilling risks and contingencies throughout the drilling project. You should use key performance indicators, metrics, and reports to measure and evaluate the effectiveness of your risk mitigation and contingency planning process. You should also identify and document any new or emerging risks, as well as any lessons learned or best practices for future improvement.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?