Broken equipment, leading to a spill, leakage or shutdown in production is the last thing an oil or gas company needs.
Traditional decision-making for maintenance relied on historic and problem-based field reporting through seasoned/experienced staff - and it is just not good enough today. Oil and gas engineers need right-time and real-time data and analytics visibility to make the best decisions about everything, from production to transportation. Preventative asset management alone can account for 15-20 percent of an energy company’s operating expenses and greater than 10 percent of capital expenditures (excluding growth spending).
At Software AG we have been exploring how oil and gas companies can ensure volatile oil prices do not compromise their ability to remain competitive and profitable. An interruption in supply in an up market, for example, could spell major losses.
What SAG has discovered in our research was that there are five ways to transform energy operations, from production to pipeline to pump. “Winning way number two” is using prescriptive maintenance strategies to keep rigs pumping, trucks rolling and prevent accidents from happening.
Rather than perform scheduled and emergency maintenance strategies, which often result in unnecessary costs and unplanned outages (wasting valuable time, resources, and money), an enhanced approach would be to move toward “prescriptive” maintenance, rapidly recapturing uptime and budget.
As remote-monitoring technology costs drop, and advanced-analytic capabilities grow, opportunities to best manage asset productivity rise. An enterprise asset management program with predictive maintenance industrial IoT architecture enables continuous asset performance monitoring to dynamically predict asset life.
Predictive algorithms can prescribe corrections that prevent failures, improve efficiencies, institutionalize knowledge, avoid unnecessary expenditures, and reduce capital requirements. Moving from calendar- to condition-based maintenance can slash primary preventative maintenance costs by 15-25 percent, producing significant savings.
Prescriptive maintenance strategies mean oil & gas companies keep rigs pumping and trucks rolling, particularly at critical times, while increasing overall equipment effectiveness. Decreased maintenance time ensures more assets are in use longer, increasing utilization and driving greater return on investment. The average global enterprise could generate millions more.
Virtually all oil & gas leaders say advanced technologies are priorities for safer and more profitable operations, yet nearly a third admit more than 75 percent of its critical equipment is not embedded with predictive and prescriptive capabilities.
Prescriptive strategies allow you, for example, to proactively manage vibration, reduce chemical consumption, and even eliminate maintenance shifts. IIoT connectivity, analytics, and tools help you develop the rules, models, and automation required to reduce downtime. Don’t schedule or react after the fact. Predict!