This paper will discuss the concept and application of risk management in the North Sea, a mature oil province which now presents increasingly high cost, marginal development prospects. Examples of an integrated approach to risk assessment in field development planning, involving both petroleum and well engineering disciplines, will be examined using case histories from both mature fields and new projects. The use of leading edge technologies in this process will be discussed, in the context of introducing risk and the quantification of possible upsides and downsides in the process of optimising the overall economic return of a project.

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