Study: Digital Helps Lower Unplanned Downtime in Oil & Gas Industry
Unplanned downtime in oil and gas industries has been taking it’s toll on gas and oil prices. In all industries it is the unexpected unforeseen loss of potential revenue that continues to tap into the incremental profits of companies and creating unnecessary risks for employees . There is a solution. Read what General Electric has to say about it in their study below. Downtime in oil and gas can be reduced.
Unplanned downtime continues to plague the oil and gas industry. The offshore sector, in particular, has been saddled with unnecessarily high costs and exposed to unnecessary risks as a result. And the problem is only going to get worse as budget cuts, aging assets, and the loss of industry experience (“the great crew change”) take their toll
A recent study by Kimberlite, a market research and analytics firm serving the oil and gas industry, quantified the impacts and pointed the way towards a solution.
Expensive downtime in gas ands oil.
The study revealed that:
- Offshore oil and gas operators experience downtime on average $49 million annually in financial impacts due to unplanned downtime. For the worst performers, the negative financial impact can be upwards of $88 million.
- Fewer than 24% of operators describe their maintenance approach as a predictive one based on data and analytics. Over three-quarters either take a reactive or time-based approach.
- Operators using a predictive, data-driven approach to maintenance experience 36% less unplanned downtime than those with a reactive approach. This resulted in, on average, $17 million dropping to the bottom line annually.
- The Kimberlite study clearly shows that updating maintenance practices to become more predictive — driven by digital technologies and data — can enable offshore production facilities to reduce their unplanned downtime. The technology used to achieve these results is referred to as asset performance management (APM) and includes:
- Efficient and effective collection, management and visualization of data related to equipment condition and performance.
- Utilizing existing industry knowledge and applying advanced analytics to become more predictive.
- Implementing optimization tools to create and maintain a financially-optimized maintenance strategy.
- Learn More . . .
To Learn more about how the HS Bartol Research Mag-Probe can dramatically lower the downtime in oil and gas industries on your offshore oil rigs, refineries or in an explosive or subsea environment call Bob at (208) 866-7895
Questions email Bartol Research at firstname.lastname@example.org