American Oil and Gas Reporter - December 2022 - 65

Measuring Risk
The Cudd Well Control auditing tool
is yet another example of the importance
of early well control problem detection
and prevention. Hatteberg says the technology
has captured the attention of insurance
underwriters for various reasons,
including its role in determining and
measuring risk in underwriting, policy
renewals, and even during mergers and
acquisitions.
Insurance companies must measure
risk as a necessary step in insuring against
it when writing a policy, he notes. The
auditing tool can collect and organize
data to properly assess risks associated
with a given well, multiple wells across
a given field or even a company's entire
portfolio of wells. According to Hatteberg,
the oil and gas company can gain a better
insurance rate thanks to a better understanding
facilitated on a well-by-well
basis.
While providing for accurate well
assessments in determining the condition
and life expectancy of wells, Cudd Well
Control's auditing tool also can assist
oil and gas companies in determining
if an acquisition is financially viable.
With wells of extended life spans showing
up frequently during asset sales,
the tool can help determine if the asset
cost is worth the financial risk.
According to Hatteberg, the auditing
tool knows little limitation in use and application.
While insurance companies recognize
the gains in breaking down well
health, an essential service in preventing
well control incidents, it can be used at
various levels in the industry.
Hatteberg not only recognizes a future
in partnering with the insurance industry
to serve and protect upstream operators,
but he additionally sees an opportunity
to utilize and offer the tool on the service
side of the industry, including potential
midstream and downstream applications
in areas such as natural gas storage. No
matter the application, the result remains
the same in assisting in vanquishing loss
of well control incidents.
The reality is that the liabilities and
risk exposures associated with a major
well control incident can make or break
an operator. By recognizing the synergy
between the insurance industry and well
control companies as an ally, oil and gas
companies can take proactive measures
to not only avoid incidents, but benefit
from improved operational management
to increase efficiency and profitability
over the long haul.
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DECEMBER 2022 65
⁄8
" .
American Oil and Gas Reporter - December 2022

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