Effective risk identification, evaluation and management is a foundation of all Genesis processes, from conceptual engineering through to operational support and decommissioning.
Risk and uncertainty assessment begins at the field development planning stage. We have a bespoke in-house methodology, which has been tailored to produce high integrity semi-quantitative assessment of potential value erosion resulting from business risk. This enables us to present a risk based approach to concept selection, and support high quality decision making for fast-paced, early phase projects.
As projects move into pre-FEED and onward EPC stages, rigorous quantitative analysis is used to assess the impact of risk and define the full probabilistic distribution of project cost, schedule and value. We support a full range of Monte Carlo simulation methods and software tools to further refine and enhance projections of economic value for selected design concepts. This approach provides a clear audit trail and rationale for target cost, schedule and contingency allocation, ensuring compliance with capital to value processes, developing robust risk allocation and mitigation plans, and accurately supporting final investment decisions.
During the life of your asset, Genesis provides best practice knowledge, appropriate combinations of qualitative and quantitative assessment methods, and specialists with extensive risk experience to support and drive operational risk mitigation and wider enterprise risk management processes.