Many of World’s Offshore Oil & Gas Plants are becoming Older & Older, increasing a risk of accidents Worldwide. Older structures are more prone to accidents, especially fires, as per Wallstreet Journal (Dec 14,2010).
“On Dec. 4, 2009, a severely corroded pipe connecting the structure to a high-pressure gas well gave way during routine maintenance, releasing explosive natural gas into the air. Unlike most modern platforms, this one had no remote shut-off switch. Emergency valves that should have cut off the flow of gas automatically didn’t close properly—in part, a subsequent investigation found, because a control panel was caked in bird droppings. Workers who had fled by boat to a nearby platform were finally able to shut down the well………………..
Federal regulators investigated 81 accidents at oil-and-gas facilities in the Gulf of Mexico over the past three years in which equipment failure, the most common cause of accidents, was blamed. In more than a quarter of such cases, according to the Journal analysis, investigators found that age or issues that are often age-related, such as corrosion or rust, contributed to the incident.”
An example is Tyra Field in North Sea, which was 35 Years old and is sinking-225 KM west of Debmark’s coast. It is now replaced (2019-2023) with 2 new platforms – one living quarters by Rosetti Marino and the second, a processing platform by McDermott, USA, built in Kuala Lumpur. https://totalenergies.com/media/video/welcome-one-worlds-most-advanced-natural-gas-fields
The Old 2 Platforms are being scrapped/recycled by the by a Denmark based Frederikshavn (Modern American Recycling Services-MARS) Yard-equal to 7 Eiffel Towers!
To draw an example in India, the ONGC’s Platforms
are also old, needing replacements. These do involve tens of Billions of Capex and opportunities for Risk Management & Insurance Professionals.
If they are delayed, there Could be accidents due to the age of the platforms.
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