Asset Performance Management Overcomes Challenges in the Oil & Gas Industry
With the dramatic drop in energy prices in recent years and the resulting pressure on operating companies to maintain profitability, the global oil & gas industry faces unprecedented challenges to reduce costs without increasing risks, especially risks related to safety or unplanned downtime. At the same time, as older, more experienced employees begin to retire and the next generation of workers are just starting to “learn the ropes,” the looming skills gap is beginning to hit the industry hard, since much of the uncaptured knowledge remains with those retiring employees.
In this cost- and human resource-constrained environment, operating companies in upstream oil & gas struggle to maintain regulatory compliance, ensure employee safety, maintain continuous up-time, and sustain their varied and often far-flung and/or aging production and automation assets. This is particularly problematic for the handful of professionals within each organization responsible for managing, sustaining, and improving asset availability, performance, utilization, and safety. In many cases, same these individuals also have other roles and responsibilities that must be performed in parallel.
Asset performance management (APM) can save companies in the oil & gas industry a significant amount of money by increasing maintenance efficiency and effectiveness, avoiding costly unplanned downtime, minimizing the need for scheduled downtime, and maximizing equipment availability, all while increasing safety. APM also provides a mechanism to reduce regulatory compliance cost and effort and minimize the risk of non-compliance.
Today, too much time and effort is required to collect, aggregate, condition, and analyze the abundance of available data, much of which often gets lost, rather than converted to meaningful information to manage the business. This is due in part to too many different software solutions, poor integration between them, a lack of openness and standardization, and difficulty creating and maintaining these integrations. Modern APM solutions can alleviate this. A modern approach built on data collection and analysis enables oil & gas companies to develop new techniques that result in efficiencies, improved safety, less unplanned downtime, better yields, less operational risk, and increased production flexibility.
These solutions, based largely on today’s increased connectivity, use of open standards, and increasingly more capable platforms for predictive and prescriptive analytics, enable oil & gas companies to move from largely re-active, conventional approaches for managing their critical production and automation assets to today’s far more effective proactive and predictive approaches. Continue to the full white paper
Download our white paper The Impact of Digital on Unplanned Downtime.