Lloyd’s Register Energy has launched a new risk-based Technology Qualification Guidance Note that aims to minimize risks and uncertainty of novel designs, concepts or applications not covered by existing rules, industry codes or best practice.
As easy-to-reach hydrocarbon resources become exhausted, companies are increasingly looking to more challenging frontiers to retain reserve levels or boost new sources of energy. This is one of the key drivers pushing innovation to the forefront of global technology development, a trend seen in Lloyd’s Register Energy’s recent global Technology Radar survey. It highlights that spend on new and novel technologies is an expanding market and looks set to continue to 2020 and beyond.
Technology Qualification is a method for providing evidence that equipment will function within specified operational limits and with an acceptable level of confidence, both for suppliers and buyers of technical equipment. For the investor or insurance provider, it is a way to assess the readiness levels of new innovations against the total monetary investment that needs to be made.
Lloyd’s Register Energy offers a risk assessment process that covers issues such as safety, environmental impact, functionality, performance and technology reliability.