Page 38: of Offshore Engineer Magazine (Jul/Aug 2021)

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INTERVENTION & ASSET LIFE EXTENSION

ASSET LIFE EXTENSION:

Optimize OPEX, Minimize Carbon Footprint

Aker BP

By Wallace Pescarini, President – Offshore Atlantic, Schlumberger s the world begins to emerge from under the fog the offshore market, a strategic and proactive approach to asset of a global pandemic, signs of opportunity are vis- life extension fundamentally addresses these challenges. By ap- ible as oil and gas demand is expected to increase proaching asset life extension proactively, we can identify new throughout the second half of the year. This is opportunities to maximize production and return on OPEX.

A particularly true for international markets, where confdence Granted, this is not easily achieved given the historical mindset in second-half outlook has strengthened based on interna- to the offshore market. The term intervention has typically held tional rig count trends and CAPEX signals. More specifcally a negative connotation, in part due to the remediation nature for the offshore market, indicators point to an acceleration and low historical execution success ratios. We must signifcant- of activity internationally and a multi-year upcycle that may ly shift our mindset — we should see proactive intervention as a extend through 2024 or 2025, including optimism for growth means to securing optimally consistent performance.

in deepwater activity in many of the most advantaged prolifc While this fundamental mindset shift is signifcant, the offshore basins in the world. groundwork to embrace this change has long since been laid

While there are positive signs afoot, for the near- to medium- out. By leveraging digital innovation — for our workfows, term there will continue to be signifcant focus on generating data and operations — and adopting a more open and collab- free cash fow and maximizing return on existing assets. In ad- orative approach — across the value chain, and amongst all dition, the industry is being increasingly challenged with lower- players — we are performing in a manner that is safer, more ing the incremental carbon intensity of barrels produced. For consistent and environmentally sustainable than ever before.

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