Recently launched is a new risk-based Technology Qualification Guidance Note that helps to minimize risks and uncertainty of novel designs, concepts, or applications not covered by existing rules, industry codes or best practices.
As easy to reach hydrocarbon resources are exhausted, companies are increasingly looking to challenging frontiers to retain reserve levels or boost new sources of energy. This is one key driver is pushing innovation to the forefront of global technology development, a trend seen in Lloyd’s Register Energy’s recent global Technology Radar survey. It highlights that spend on new and novel technologies is an expanding market and looks set to continue to 2020 and beyond.
However the increasing complexity around the development of this technology can be risky. Lloyd’s Register Energy’s latest Guidance Note provides a step-by-step approach for industry on how to develop and operate new technologies in a safe, reliable and environmentally friendly way.
“Our new Technology Guidance Note represents a recommended practice with a goal-based approach to risk that can be applied to any technology, from unconventional LNG offloading arrangements through to subsea processing, and even new wind and wave technology,” said John Yates, Lloyd’s Register’s Technical Manager for Compliance Operations.
Technology Qualification is a method for providing evidence that equipment will function within specified operational limits and with an acceptable level of confidence, for suppliers and buyers of technical equipment. For the investor or insurance provider, it is a good way to assess the readiness levels of new innovations against the total monetary investment that needs to be made.
“Our Technology Qualification Guidance Note has a major role to play in relatively young and unproven components, processes or systems with a lack of historical data,” said Yates. “The technologies that are to be commercialized within the oil and gas and also the renewables sector can be both emerging technologies and technology that is unproven on a large industrial scale. Our approach supports a better way for technology developers to manage costs and the associated risks of bringing new technology to market.”
Lloyd’s Register Energy offers a robust and systematic risk assessment process that demonstrates to interested parties that the uncertainties introduced by a novel technology, or a new application of an existing technology, have been adequately assessed with goal-based risk analysis. It covers issues such as safety, environmental impact, functionality, performance and technology reliability.
Stakeholders working across the energy supply chain can now rely on a common, global approach to ensure that the technology and innovations which are planned for use in upcoming energy sectors actually work as intended.
For a copy of the TQ Guidance Note visit:
Lloyd’s Register Energy
Filed Under: Insurance, News, Policy