Wood Group Intetech has built a new software platform to analyse global well component reliability information.

The cloud-based tool, dubbed iQRA, is designed to enable operators to make better decisions on well and oilfield component selection.

iQRA, which is based on the ISO-14224 standard, will allow users to benchmark their reliability figures against a global dataset and derive safety critical element (SCE) failure statistics and mean-time-to failure (MTTF) data.

"iQRA will allow users to benchmark their reliability figures against a global dataset and derive safety critical element (SCE) failure statistics and mean-time-to failure (MTTF) data."

Users can construct their own questions and generate data instantly, irrespective of their location.

The tool supports a range of cost-reduction decisions and the information will provide the basis to quantify the risk status of wells before and after planned workovers.

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Wood Group Intetech managing director and founder Liane Smith said: "Wood Group Intetech has been delivering online well integrity data solutions for more than a decade and we have a strong and proven track record in providing top quality information to support strategic decision making.

"As a trusted partner for the oil and gas industry we were in the perfect situation to develop a solution for benchmarking and analysing global well performance data.

"Information on the status of safety-critical well barrier components must be completely dependable, while the real performance of these components must be known with confidence. iQRA enables both of these issues to be addressed."