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.
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.
The tool will assist developers in deciding whether to retain wells on a production / injection regime, or plug and abandon them.
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."