To address widespread concerns about fracking risks, particularly related to contamination of groundwater, DNV GL has invited the oil and gas industry and other stakeholders to a joint industry project (JIP). The aim is to collect data, develop and validate quantitative risk assessment methodologies and outline risk management strategies that can be widely accepted by all relevant parties, a news release said.

DNV GL said it is proposing to bring together key stakeholders from all over the world: operators, service companies, academics, financiers, regulators and other interested parties. The objective is to collect and analyze shale gas fracking related data, apply statistical methodologies and then define quantitative measures of fracking risk to both horizontal and vertical portions of a well.

On Nov. 11, 2014, DNV GL will arrange a meeting in its Houston office to formally establish this JIP, begin defining a scope of work, determine funding requirements, develop a timeline and define other contributions from the various participants, the release said. DNV GL intends phase 1 of the JIP to be finalized by the end of second-quarter 2015, with a fracking risk quantification methodology and related recommendations for its use and interpretation as deliverables.