Arrive with an idea, leave with a 3-year plan. Achieve reliability.

TRC gives you access to cutting-edge knowledge & technology

Sign Up

Please use your business email address if applicable

Oil and Gas Decision-Makers Under Increased Pressure to Reduce Asset Downtime

As part of Lloyd’s Register Energy’s Technology Radar research programme, the survey of oil and gas decision-makers was commissioned to mark the launch of its new software solution AxximTM, which offers the next generation in asset management optimisation.

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.

AxximTM has been developed in response to these operational challenges. It provides upstream and downstream oil and gas operators, chemical, power and other asset-intensive industries, with a single resource to identify critical assets, increase equipment reliability and uptime by at least 20%, reduce failure risk by 80%, and determine optimum approach to inspection and maintenance that can achieve costs savings of up to 50%.

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 organisation 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.

Andy Scott, VP Asset Integrity Information Systems, Lloyd’s Register Energy, said: “The upstream oil and gas industry is currently faced with the well-publicised challenge of low oil prices. Coupled with high operating costs, asset performance is clearly a key pressure point. As assets age, it is even more important that operators are able to access and understand the data they need to maintain the vital components for sustained production.

“Similarly, the downstream market is struggling to maintain production uptime of ageing assets operating at maximum capacity due to the increased availability of low cost feedstock and high demand for their products. Whilst safety remains paramount, improving asset reliability for this sector is just as crucial to stay competitive and to realise cost efficiencies.

“Our AxximTM software solution helps operators achieve operational objectives by enabling them to avoid production downtime, safely reduce inspection points, extend turnaround intervals, minimise personnel in hazardous areas, avoid loss of containment and support asset life extension. 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.”

If you would like more information about AxximTM, please click here:

AxximTM uniquely embeds decision making techniques including Risk Based Inspection (RBI), Reliability Centred Maintenance (RCM), Root Cause Analysis (RCA) and Failure Mode and Effects Analysis (FMEA) directly into an organisation’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.

ChatGPT with
Find Your Answers Fast