From offshore platforms and pipelines to subsea production systems, physical assets are fundamental to the oil and gas industry. With global energy consumption predicted to rise by 41% and production of hydrocarbons being propelled into increasingly risky environments, the demand for asset optimization is rising.
Assets are now expected to remain operational for longer periods. Yet, turnarounds and overruns on maintenance shutdowns can significantly curtail annual production targets. There is also a growing requirement to extend the life of assets beyond their original expectancy – replacing them with new infrastructure through expensive capital projects is not economically viable. Assets are becoming harder to reach.
The search for value means that assets are increasingly remote – and unscheduled maintenance is a cause of significant additional costs. For instance, whether it’s a platform 200 miles offshore or a subsea processing unit 2,000 miles below the surface, a growing proportion of assets are in hard-to-reach or hazardous locations. The ability to remotely manage and monitor such assets is of fundamental importance to operational efficiency and safety.
The need for a fundamentally new, data-driven approach to asset management has never been greater. This is being prompted by a continuing emphasis on cost containment, return on investment and increased overall asset value. Organizations with a dynamic, flexible and smart approach to asset management can achieve differential and competitive advantages. They can work smarter to drive efficiencies in their capital expenditure.
Applying real-time insight from new data sources can help refineries avoid downtime, costly repairs and safety issues caused by equipment failures. New data sources enable timely, informed decisions about when to schedule equipment maintenance to maximize asset up-time and therefore meet plant goals.
As premium business partner of IBM, Cresco International helps Oil and Gas companies to address challenges with capability to reduce declines in output, and increase the efficiencies of current assets using IBM Maximo Asset Management.
This solution provides a structured data environment where the results of all monitoring activities are brought together and reviewed against established structures, policies and targets. Maximo supports both “leading” indicators – which predict potential problems – and “lagging” indicators, where analysis of past failures can indicate a decreasing performance trend.
Contact Cresco International to learn how we can help your organization to manage, maintain and track an asset through its lifecycle.