Value Engineering Application in Asset Life Assessment

Source: www.gulfoilandgas.com 10/16/2017, Location: Europe

EPConsult Energies (EPEn) recently completed a Value Engineering Study for a project where asset life, life extension and obsolescence were critical subjects. This involved applying the Value Engineering technique for a complex offshore ZADCO installation to support the client in deriving, optimising and justifying the final scope for the installation’s late life operation.

The Value Engineering study was performed in three phases comprising an initial phase I of data discovery and desktop reviews and workshop preparation; a phase II involved preparation of terms of reference for value engineering workshop and the ‘running’ of the workshop, which involved functional design of basic and secondary functions analyses including identifying risks and opportunities for value propositions; the phase III comprised a creative analytical part where workshop findings were further analysis and combined to identify creative value propositions for the remaining life of the facility. This was presented in a value engineering report with opportunity rankings, conclusions and recommendations.

The results of the value engineering study for the asset life assessment project were risk ranked and costed and provided justification for what equipment and systems should be subject to revised maintenance and inspection programme, which parts should be repaired and which parts required replacement – all performed, taking account for planned extended life time, life cycle cost and obsolescence considerations. The results also considered contract strategies, cost and availability of vessels and the associated transports and logistics.


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Related Categories: Consultancy  Engineering  FEED  General  Maintenance and Repair  Process Technology Licensing  Production Engineering  Project & Resource Management 

Related Articles: Consultancy  Engineering  FEED  General  Maintenance and Repair  Process Technology Licensing  Production Engineering  Project & Resource Management 


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