The development and application of dynamic operational risk assessment in oil/gas and chemical process industry

A methodology of dynamic operational risk assessment (DORA) is proposed for operational risk analysis in oil/gas and chemical industries. The methodology is introduced comprehensively starting from the conceptual framework design to mathematical modeling and to decision making based on cost-benefit analysis. The probabilistic modeling part of DORA integrates stochastic modeling and process dynamics modeling to evaluate operational risk. The stochastic system-state trajectory is modeled according to the abnormal behavior or failure of each component. For each of the possible system-state trajectories, a process dynamics evaluation is carried out to check whether process variables, e.g., level, flow rate, temperature, pressure, or chemical concentration, remain in their desirable regions. Component testing/inspection intervals and repair times are critical parameters to define the system-state configuration, and play an important role for evaluating the probability of operational failure. This methodology not only provides a framework to evaluate the dynamic operational risk in oil/gas and chemical industries, but also guides the process design and further optimization. To illustrate the probabilistic study, we present a case-study of a level control in an oil/gas separator at an offshore plant.