Courses

A hands-on introduction to quantifying risk and reliability for equipment, processes, and systems across oil & gas operations. The course blends 50% theory with 50% practical work to build fluency in uncertainty management, reliability/availability modeling, and risk-based economic decision-making. Participants progress from core concepts (risk vs. reliability, deterministic vs. probabilistic thinking) to statistics for reliability, probability distributions and goodness-of-fit, Monte Carlo simulation (including correlated inputs), RAM analysis for repairable items, Bayesian data fusion, and cost/benefit trade-offs using probabilistic NPV and portfolio selection. Case exercises feature pumping systems and ESP wells, culminating in a risk-based lifecycle analysis with mitigation planning.