Integrated Asset Modelling has now become a standard means of modelling entire oil and gas facilities with a view to optimising existing facilities or developing new ones. Despite many operators owning numerous integrated asset models (IAMs), the full benefits of such models are not always realized. In a lot of situations, there is a lack of confidence in the accuracy of the results or in the ability to analyse the results and apply them to day to day development, operational and maintenance decisions.
Based on about a decade experience of developing, building, benchmarking, simulating, analysing and applying integrated asset models, key success factors are presented. Citing examples and illustrations drawn from several projects, the application and the selection of the right IAM methodologies are studied. In addition, key recommendations are provided on how to select the right IAM tools for a specific application including the assessment of key performance criteria.
Practical recommendations on setting up, benchmarking, and simulating IAMs are presented. In conclusion, the best ways of getting value from IAMs are assessed. This includes best practices for analysing, processing and applying results in order to obtain the full benefits of Integrated Asset Models.