Rod,
Unsurprisingly this comes down to a risk assessment of your particular circumstances. Clearly you have in your favour that the well is a water injector, is subsea and is sub-hydrostatic so apparently not capable of sustained flow. On the other side of the risk picture, as you point out, is the single barrier isolation on the annulus side, though most companies would consider this acceptable if the well cannot flow unassisted (this is an area to think more about as there are industry examples of water injection wells that have back flowed hydrocarbons unexpectedly).
It is quite common to allow a 2 year period to repair a tubing leak in a water injection well. This is based on anticipated production casing wall loss due to corrosion and a desire not to escalate the failure with an annulus to annulus leak. However there are many assumptions built into this 2 year period including the initial condition of the casing, the nature of completion leaks, water injection rates and water quality.
So in summary, using a rule of thumb and based on the information you provide, what you are proposing seems reasonable. However, as a critical well and to ensure you are on top of the risks I suggest you review the likelihood and nature of back flow from the well and look at the likely degradation of the production casing while injecting with a completion leak.
Regards,
Stuart Girling
stuart.girling@girlingco.com -------------------------------------------
Stuart Girling
Director
Girling & Company
London
-------------------------------------------