How can you manage risks in offshore and deepwater exploration?

1 Identify and assess risks

The first step in managing risks is to identify and assess them systematically and comprehensively. You can use various methods and tools, such as risk matrices, bow-tie diagrams, fault trees, event trees, and Monte Carlo simulations, to analyze the likelihood and impact of different risk scenarios. You should also consider the interdependencies and correlations between risks, as well as the potential mitigating factors and actions. The risk assessment should cover all phases of the exploration process, from seismic surveys and drilling to testing and appraisal.

2 Plan and design for risks

The second step in managing risks is to plan and design your exploration activities with the risks in mind. You should aim to reduce the exposure and vulnerability to risks by applying the principles of prevention, protection, and resilience. For example, you can prevent risks by selecting optimal locations, technologies, and methods for your exploration; you can protect against risks by implementing robust safety and environmental standards, procedures, and equipment; and you can enhance resilience by preparing contingency plans, backup systems, and emergency response capabilities.

3 Monitor and control risks

The third step in managing risks is to monitor and control them throughout the exploration process. You should use various data sources and indicators, such as real-time measurements, reports, audits, inspections, and feedback, to track the performance and status of your exploration activities and identify any deviations or anomalies. You should also use risk management software and dashboards to visualize and communicate the risk information and trends. Moreover, you should implement corrective and preventive actions, such as adjusting the parameters, modifying the plans, or stopping the activities, if the risks exceed the acceptable levels or thresholds.

4 Learn and improve from risks

The fourth step in managing risks is to learn and improve from them continuously. You should use the lessons learned and best practices from your own and other exploration projects to enhance your risk management knowledge and skills. You should also use the data and insights from your risk analysis and monitoring to optimize your exploration decisions and strategies. Furthermore, you should review and update your risk management processes and tools regularly to ensure their effectiveness and relevance.

5 Engage and collaborate on risks

The fifth step in managing risks is to engage and collaborate with various stakeholders on them. You should involve your team members, partners, contractors, regulators, and communities in the risk management process and foster a culture of transparency, trust, and accountability. You should also share your risk information and plans with them and solicit their input and feedback. Additionally, you should coordinate and align your risk management actions and objectives with them and seek their support and cooperation.