The Impact of Styles of Thinking and Cognitive Bias on How People Assess Risk and Make Real-World Decisions in Oil and Gas Operations
Awareness of the psychological realities of different styles of thinking can provide deep understanding of the choices people make and the actions they take when they are faced with assessing risk and making decisions in real time under operational conditions. At a time when the industry is striving to achieve more with fewer staff and resources, there is a compelling need to understand better how these psychological processes actually influence real-world operations, and to develop practical approaches to mitigating the associated risks.
While there have been previous attempts to apply this area of knowledge to the analysis of real-world incidents and to develop operational interventions, such attempts have been limited to date, and have lacked the necessary research evidence. Written from a psychological perspective, the purpose of this paper is to illustrate how such knowledge can be operationalized and used to gain deeper understanding of the nature of human error in real-world oil and gas operations.
Better Abandonment Cost Estimates Yield Improved Project Valuations
Developing an asset requires key investment decisions to be made early in the process, and as a result, some critical cost evaluations—such as abandonment—are often ballpark estimates. Adjusting the parameters for evaluating these costs can lead to more-accurate project valuations.
ISO Approves First Safety Standards for Commercial Drone Operation
The organization said the new standard, which focuses on air safety and data protection, is the first step in a wider move to promote the use of drones within a framework of approved regulatory compliance.
North Dakota, Texas Fuel Increase in US Natural Gas Venting and Flaring
According to a new report from the EIA, the volume of natural gas reported as flared reached its highest average annual level in 2018, 1.28 Bcf/D. With production soaring in the Bakken, Permian, and Eagle Ford plays, North Dakota and Texas accounted for more than 80% of that total.
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15 January 2020
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13 January 2020