[OGIQ Guide] FOUR LIFE Extension Strategies For Ageing Assets

More than 70 per cent of the fields in the oil and gas industry today are classified as mature. The majority of the installations that stand above them are categorised in the same bracket.

Natural decline rates in existing fields is averaging approximately 7 per cent across the board, reducing annual supply capacity by as much as 5.5 million barrels per day. With the era of easy oil almost gone and forgotten, it has never been more important to squeeze as much as possible out of the resources that we have. And that will mean
prolonging the lifespan of the producing assets that make the industry tick.

There are a plethora of factors that influence the life extension problem, in this piece we will take a look at four procedural approaches that will help you to decide on the best way to go about planning for the life extension of your facilities.

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