Initial Weibull parameter estimates were updated as per SRS's historical proof test records contained in the Center for Chemical Process Safety (CCPS) Process Equipment Reliability Database (PERD). The API RP 581 methodology was used to estimate the SORV's probability of failing on demand (PFD), and the annual expected risk.
The API RP 581 methodology indicates that the current SRS maintenance plan is conservative. Cost savings may be attained in certain mild service applications that present low PFD and overall risk. Current practices are reviewed and recommendations are made for extending inspection intervals. The paper gives an illustration of the inspection costs versus the associated risks by using API RP 581 Risk Based Inspection (RBI) Technology. A cost effective maintenance frequency balancing both financial risk and inspection cost is demonstrated.
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