Maximising Late Life Operational Value
 

Approaching the end of life and decommissioning of your energy assets may seem daunting, but Bureau Veritas experts are there to assist you and have been providing decommissioning support services since 1992. The management of late life offshore oil & gas assets present unique challenges and opportunities. As fields mature, operators must focus on maximising efficiency, extending production life, and preparing for cost-effective decommissioning. A strategic approach to late-life asset management is essential to ensure that these assets remain economically viable until their eventual retirement. One of the primary strategies involves optimising production through advanced technologies and enhanced recovery techniques. 

OPTIMISING MAINTENANCE TO EXTEND OFFSHORE ASSET LIFESPAN

The adoption of digital tools such as predictive analytics and real-time monitoring systems can significantly improve operational efficiency. By analysing data from production and reservoir simulations, opportunities for intervention can be identified, thereby maintaining output levels and minimising declines. Moreover, effective asset integrity management is crucial in late-life operations. Regular inspections, preventive maintenance, and critical upgrades to aging infrastructure are necessary to avoid unexpected failures. A well-managed maintenance programme increases the reliability and maintainability of the asset. Bureau Veritas maintenance Optimisation (MO) offering has the objective of establishing a preventative maintenance activity across the client’s asset and rationalising maintenance programs in line with field production with a focus on technical content, safety, and compliance. Process Optimisation (PO) is another key area to add late life value. This is a process-based approach mapping and evaluating end-to-end work management processes within the maintenance loop context and focuses on process, safety, and compliance. Our MO and PO scopes have resulted in 60% controlled reduction of asset preventative maintenance, and a 50% reduction of maintenance activities in the following year.

RETHINKING OFFSHORE DECOMMISSIONING: MAXIMISING ASSET VALUE AND SUSTAINABILITY

We encourage owners and operators to explore the transformative potential of rethinking decommissioning operations through the 10 R’s, Repair, Restore, Reuse, Regift, Refuse, reduce, Recover, Repurpose, Recycle, and Refurbish. We must rethink the way we operate with a focus on sustainability but it’s about maximising the value of existing assets, minimising waste, and driving worthy innovation at every stage of the process. Partnerships and collaboration with service providers can also enhance value. Outsourcing specific services can lead to cost reductions and efficiency improvements, allowing operators to focus on core competencies. Moreover, engaging with regulatory bodies early in the process can streamline approvals for modifications, explore the reuse of infrastructure for clean energy projects e.g. CCS or commence decommissioning activities, leading to a more efficient transition. A well planned decommissioning strategy is critical. Early engagement with stakeholders can facilitate smoother decommissioning processes and mitigate risks. By planning decommissioning activities during the late-life phase, operators can potentially secure better economic outcomes and develop sustainable practices that align with environmental standards. Decommissioning spend is significant and therefore decom is highly strategic matter which spans economic, social, safety, regulatory, environmental and sustainability topics. When the right solution for your asset is decommissioning, finding the right expertise can also be challenging.  Our experts are on hand to guide you through the often-complex process as we have successfully guided countless projects, in particular in the North Sea, Gulf of Mexico, Australia and South Asia.

In conclusion, maximising value in offshore oil and gas late life asset management requires a holistic approach that combines technology, integrity management, collaboration, and strategic planning for decommissioning. Through these measures, operators can ensure that they extract maximum value from their assets while preparing for a responsible end-of-life transition.Our late life operational excellence services support you in deciding how best to maximise the remaining life of your asset. Whether you opt for life extension, the sale of asset, repurposing or decommissioning, you can rely on our expertise to lead a successful project. Bureau Veritas works alongside owners and operators to help them navigate the challenges and uncertainty of decommissioning. Strategically supporting our clients to optimise and simplify late life operations and decommission efficiently, safely, and sustainably.