Oil and gas decision-makers are coming under increasing pressure to reduce asset downtime, according to new research. Commissioned by Lloyd’s Register Energy, the research polled 80 senior decision-makers in the oil and gas industry in October 2015.
Almost two thirds (63%) of those polled said pressure to reduce asset downtime has increased in the last year. Asset costs are also a major concern for oil and gas industry decision-makers with almost half (49%) reporting that asset integrity savings are more important than they were 12 months ago.
As part of Lloyd’s Register Energy’s Technology Radar research program, the survey of oil and gas decision-makers was commissioned to mark the launch of its new software solution Axxim, which offers asset management optimization.
Identifying assets in need of maintenance
The ability to quickly identify pressure points is essential at a time when only 30% of survey respondents described their organization as ‘very effective’ at identifying the assets and equipment that require urgent attention. The research also found that lack of visibility into asset condition is the primary barrier to achieving asset management goals. The two other main barriers were listed as lack of visibility into performance and poor data.
The challenge of data visibility
If the issue of asset visibility is to be addressed, it must be managed appropriately, as many operators appear to be on the edge of data overload. Less than a third (31%) of respondents described their enterprise as being in complete control of the electronic data it holds. This figure suggests that the provision of additional asset data, without effective analysis built in, is unlikely to benefit the business concerned.
Axxim has been developed in response to these operational challenges.
Axxim embeds decision making techniques including risk based inspection (RBI), reliability centered maintenance (RCM), root cause analysis (RCA) and failure mode and effects analysis (FMEA) directly into an organization’s enterprise asset management (EAM) application, including IBM Maximo and SAP, through MaxGrip’s strEAM+ technology. These are complemented by both custom built models for a wide range of complex assets and equipment and proven pre-built risk models for common asset classes, including rotating equipment, piping, pressure vessels, hulls, and relief devices.
“Our Axxim software solution helps operators achieve operational objectives by enabling them to avoid production downtime, safely reduce inspection points, extend turnaround intervals, minimize personnel in hazardous areas, avoid loss of containment and support asset life extension,” said Andy Scott, vice president of asset integrity information systems at Lloyd’s Register Energy. “This research confirms the very real benefit that efficient asset integrity management regimes can bring to businesses facing the challenges posed by the current operating climate.”
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