bow tie analysis; a tool for risk management and value creation
TRANSCRIPT
SNEPCo
BOW-TIE ANALYSISRISK MANAGEMENT AND VALUE CREATION
Daud’ ShittuSubsea Pipeline and Flowline
SNEPCo 21 May 2023Bow-Tie Analysis; Risk Management and Value Creation
OUTLINE
DEFINITIONS OIL AND GAS INDUSTRIES RISK MANAGEMENT HAZARD AND EFFECT MANAGEMENT PROCESS (HEMP) BOW-TIE ANALYSIS VALUE CREATION CONCLUSION
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DEFINITIONS
HAZARDAnything that has the Potential to cause Danger; Harm to People Damage to Asset Impact on Environment Impact on Reputation
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DEFINITIONS
RISKThe Combination of the Consequence of the Release of an Hazard and the Likelihood of its Occurrence.
Low Risk• Low
Probability • Low
Consequence
High Risk• High
Probability • Low
Consequence
High Risk• Low
Probability • High
Consequence
High Risk• High
Probability • High
Consequence
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OIL AND GAS INDUSTRIES
World Energy Requirement on the Increase.
Oil and Gas remains Highest World’s Energy Consumption.
Oil and Gas Industries are involved in many activities to meet World’s Energy Requirement
The activities involved are Highly Hazardous
Manage Associated Risks appropriately
SNEPCo 61 May 2023Bow-Tie Analysis; Risk Management and Value Creation
Identify
Assess
Control
Recover
RISK MANAGEMENT
HAZARD AND EFFECT MANAGEMENT PROCESS (HEMP)
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HAZARD IDENTIFICATION (HAZID)
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RISK ASSESSMENT MATRIX
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RISK CONTROL
Substitute Eliminate As Low As Reasonably Practicable (ALARP) Barriers; Design, Technical and Operation Bow-Tie Analysis
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BOW-TIE ANALYSIS
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VALUE CREATION
8 Project Principles
ORS
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CONCLUSION
There are HAZARDS everywhere. They come with associated RISKS. We have to effectively manage the risks. Bow-Tie Analysis is an Effective Risk Management Tool. It can also be used for VALUE CREATION.
