Blowout risk - can technology reduce human factor causes?

In this IIL lecture on blowout prevention, Colin Stuart talked about human factor causes and how technology and better barrier validation are helping to reduce risks. Colin also covered blowout risks across the lifecycle, including already abandoned wells.

Colin explained that the Blowout insurance market was only triggered upon the rare event of a Blowout. Yet, the market would be even better if blowout risk was a reliable reducing factor over time. Human factors causes can be reduced but were stubbornly resistant to new technology solutions. While technology gets great industry support if it reduces time and cost but not necessarily if it only reduces risk, again a human factor issue. Industry arguably needs encouragement from Underwriters to value risk reduction cost. Loss of human capital in recent years will have a definite impact on blowout frequency in years to come so proper evaluation of risk and risk reduction methods were crucial to industry sustainability.

By the end of this lecture members will have gained an insight into:

• Key human factor causes of blowouts
• How technology can reduce blowout risk to some extent
• How other factors will increase blowout risk over time
• What impact underwriters can have on blowout frequency

Chair:
Richard Dare, Energy Underwriter, Munich Re

CPD events are open to CII and PFS members
Registration closes at 12pm two working days before the event date
For events held in The Old Library, Lloyd's pass holders may also attend and do not need to register
Original Photo ID (Driving Licence, Passport, Work ID with company logo and full name) is required to gain entry to all venues

Conditions:

• Email confirmations and original photo ID must be produced to security staff at the lecture venue
• Attendance confirmations are non-transferable to any other person or lecture
• All venues have limited capacity and registration and/or a Lloyd's pass does not guarantee admission

Please let us know what we can do to make our events fully accessible to you.

Contact:
Please contact Patricia Pedraza (07463 028327) with any queries regarding the CPD events programme.