Offshore wind projects and oil and gas production are popular worldwide businesses. It involves investing in high-tech assets for extraction and production. However, most of the assets have a limited useful life. After exhausting their useful life, you’ll need to reinvest to extend the period or plug and abandon the wells, followed by decommissioning. Decommissioning can be daunting and will require you to apply practical tips.
Here are the techniques for a successful decommissioning strategy
Work with a professional
Decommission can be a complex task for your inbound employees. That’s why working with professionals such as IQIP is advisable. The experts will help in mitigating the risks and saving on costs. Also, they have top tools and assist you with evaluation calculation of the best strategy and tools you’ll need.
The experts will develop a tailor-made decommissioning solution that meets your needs and regulations in your area. As such, your decommissioning project will be safe, more efficient, and cost-effective. So, if you’re struggling with your decommissioning project, hire the experts.
It’s essential to involve all stakeholders consistently throughout the lifecycle planning process. It allows you to define and validate the project scope and strategy. The stakeholders include facility managers, risk officers, contractors partners, local and state regulators, etc. Also, seek input early and often from those who will manage and decommission the assets. You’ll understand their perspective, which can help you design a strategy that facilitates and reduce the cost and risks.
Include risk assessment into the strategy
A centralized plan repository that embeds risk assessment is essential for enterprise project portfolio management. It entails capturing and storing information necessary to manage the asset lifecycle, including decommissioning. It helps you to effectively communicate and manage the task internally and externally by providing a one-stop shop for the project information.
Embedding risk information into the repository and the plan allows you to prepare and react to unforeseen issues. You’ll apply the knowledge to approve, continue, and optimize decommissioning projects. Also, the information is essential for capturing and standardizing information knowledge involving decommissioning.
Ensure you have complete and real-time visibility into the skill sets and how the resources are deployed. Also, standardize the procedures of selecting the assets and predefine exception processes. Doing this will prevent delays, mistakes, or cost overruns in your decommissioning project.
Give managers the necessary tools to plan and execute
Automating asset lifecycle management is essential for a successful decommissioning project. So, give your managers modern tools with cloud-based capabilities for better visibility to facilitate project scheduling, reporting, and costing.
Focus on continuous improvement
Take time to assess the progress and assess the future initiatives. Then invest in continuous improvement for better project management. You’ll be able to evaluate best practices for decommissioning that increase efficiency, reduce risks and costs.
Additionally, institute formal processes for managing changes. Set up guidelines to guide change management, standardize the processes, and have a formal path to report and approve decommissioning changes.
Utilities help improve performance, reduce risk, increase returns, etc. However, you’ll need to embrace a holistic and aligned approach to asset lifecycle management. That involves managing your decommissioning projects effectively. The above techniques will help you come up with an effective decommissioning strategy.