Reducing risk in new technology

Lloyd’s Register Energy’s latest Guidance Note provides a step-by-step approach for the energy industry on how to develop and operate new technologies in a safe, reliable and environmentally friendly way.

Technology Qualification is a method for providing evidence that equipment will function within specified operational limits and with an acceptable level of confidence, both 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.

John Yates, Lloyd’s Register’s Technical Manager for Compliance Operations, said: “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.”

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 […] The technologies that are to be commercialised 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.”

The company 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.

This provides stakeholders working across the energy supply chain with a common, global approach to ensure that the technology and innovations which are planned for use in upcoming energy sectors actually work as intended.

Edited from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/12032015/reducing-risk-in-new-technology-411/