Risk Management

Risk Management

Risk management is a very important role in the operation of the business, it helps to prevent and minimize business loss, damage, adverse effects which may occur in the course of operations, besides that it helps ensure profit of business and sustainable development. Risk management is an area of expertise which is focused in the industry and especially in the oil and gas industry. SEN company is the leading independent consultancy in Vietnam in oil and gas industry. SEN does not only provide clients with a comprehensive, integrated approach to the analysis but also the necessary solutions in the very early phase of a project. Our assessment reports, which are presented in a simple, clear and standardized format, can be used as good reference for your internal training to operational staff on hazard identification and risk management. Typical risk management consulting services of SEN are as following:

Risk Assessment

According to Vietnam Law, risk assessment is compulsory in oil and gas safety management. Organizations and individuals conducting oil & gas activities shall prepare and submit risk assessment to PetroVietnam and MOIT for review and approval.

Risk assessment can be classified into two categories: Qualitative assessment and Quantitative assessment

Quantitative risk assessment (QRA)

Quantitative assessment uses numerical values (rather than the descriptive scales used in qualitative) for both consequences and likelihood using data from a variety of sources. The quality of the analysis depends on the accuracy and completeness of the numerical values used.

Consequences may be estimated by modeling the outcomes of an event or set of events, or by extrapolation from experimental studies or past data. Consequences may be expressed in terms of monetary, technical or human criteria. In some cases, more than one numerical value is required to specify consequences for different times, places, groups or situations.

Likelihood is usually expressed as a probability, a frequency, or a combination of exposure and probability.

Recently, SEN has successfully conducted many projects with regards to Quantitative Risk Assessment onshore/offshore listed bellow:

- QRA Study for VSP Thien Ung Wellhead Platform;

- QRA Study for sulfur recoveryunit at Dung Quat Refinery;

- QRA Study for Cuu Long JOC Su Tu Field;

- QRA Study for PTSC FPSO Ruby II;

- QRA Study for VSP Wellhead Platform A;

- QRA Study for Eastern Jason Federal II FSO Conversion;

- QRA Study for oil and gas production at HVJOC Ca Ngu Vang Field after 5 years in operation;

- QRA review for increased capacity of HLJOC FPSO

- QRA Study for modification of STT-WHP project;

- QRA Study for HLJOC H04 Wellhead Platform.

Qualitative risk assessment

Quanlitative assessment uses word form or descriptive scales to describe the magnitude of potential consequences and the likelihood that those consequences will occur. These scales can be adapted or adjusted to suit the circumstances, and different descriptions may be used for different risks. Quanlitative assessments normally use a matrix in which risks are assigned to priority classes by combining their likelihood and consequence.

Qualitative assessment is used:

- As an initial screening activity to identify risks which require more detailed analysis;

- Where the level of risk does not justify the time and effort required for a fuller analysis; or

- Where the numerical data are inadequate for a quantitative analysis.

The HSE Risk Assessment Matrix shall be used for the qualitative portrayal of risk and screening criteria in risk assessment carried out throughout operations.

Recent projects of Qualitative Risk Assessment Service SEN have successfully conducted which are presented as following:

- Risk Assessment for CLJOC Anomalies correction on subsea pipeline and cable;

- Risk Assessment for CLJOC FPSO TBVN turred swived overhaul;

- Risk Assessment for modifications of JVPC NULQ Platform;

- HAZID Study for new loop pipeline at Ca Mau Gas Processing Plant;

- HAZID Study for VSP Wellhead Platform A;

- HAZID Study for producted water system on PVD Wellhead Platform A;

 - HAZID Study for Installation of PT Rekayasa Industri Tower Yoke Mooring;

- HAZID Study on SBM Offshore turret load out;

- HAZID Study for Modification of 2 Platforms PRP2013 & MRA_stage 2;

- HAZID Study for Modification of two platforms PRP2013 & MRA_stage 1.