Integrating Life Cycle Cost Analysis into Pipeline Asset Integrity Management: A Comprehensive Approach in Decision Support Systems
Abstract
Pipelines serve as the foundation of the global oil and gas industry and play an essential role in transporting hydrocarbons over long distances. Ensuring the continuous and dependable operation of these pipelines is vital not only for meeting global energy needs but also for protecting the environment and the communities through which they pass. This paper emphasizes the importance of proactively managing the integrity of pipeline assets to prevent catastrophic incidents resulting from pipeline failures. Traditionally, the management of pipeline assets has been reactive, addressing problems only when they manifest as failures. Although this reactive approach can offer short-term fixes, it often leads to operational inefficiencies, increased expenses, unexpected downtime, and safety compromises. Aging pipeline infrastructure compounds these challenges, underscoring the need for a forward-looking strategy focused on the entire lifecycle of pipelines. To tackle these issues and revolutionize asset integrity management practices, life cycle cost analysis-based decision support systems (DSSs) have emerged as an innovative solution. An LCCA-based DSS integrates advanced data analytics, risk assessment techniques, and optimization algorithms to facilitate proactive decision-making that accounts for the full pipeline lifecycle. Thereby, construction, operation, maintenance, and decommissioning costs are considered. This review article delves into the historical context and the crucial role of managing pipeline asset integrity while highlighting the drawbacks of conventional asset management methods. It introduces LCCA-based DSS as a transformative approach that bridges the gap between asset integrity management and comprehensive financial considerations. By shedding light on the potential advantages and practical implications of an LCCA-based DSS, this review advances pipeline management practices. Ultimately, the adoption of an LCCA-based DSS holds the promise of enhancing safety, environmental protection, and economic efficiency in the energy sector, ensuring a sustainable and dependable future for pipeline infrastructure.
Keywords: pipeline, life cycle cost analysis, decision support system, asset management.
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