An Integrated Approach to Managing Risks and Uncertainties: Combining Technical and Commercial Analysis

Abstract

As engineers and scientists, we are very familiar with analysing technical risks, developing mitigation plans and implementing the plans that are safe and technically feasible. At the same time, dealing with subsurface projects has made us adept at analysing and understanding technical uncertainties. Furthermore, because of the large investments involved in upstream projects we are regularly exposed to commercial issues. However, the optimum situation is when the technical and commercial risks and uncertainties are evaluated in an integrated fashion.