Det Norske Veritas (DNV) has selected Palisade’s @Risk and DecisionTools to analyze and quantify environmental and financial risk in oil, gas and other energy sectors. DNV uses @Risk’s Monte Carlo-based simulation in its models to analyze risk factors in several projects across different industries. @Risk was used in deepwater offshore riser calculations in a probabilistic analysis of flow conditions and corrosion rates. More probabilistic analysis led DNV to adjust the design of a CO2 injection project when the value chain model showed sodium hydroxide consumption to be a major cost.
DNV senior researcher Davion Hill said, ‘Assessing risk factors accurately is critical to our business, as our customers rely on us to help them make better decisions and save costs. This is especially important in the energy industry, where one of the main goals is to bring down costs. We are committed to our role as an objective third party, and use Palisade’s @Risk to help us quantify risk for our customers.’ More from DNV and Palisade.
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