For years, oil and gas enterprises have been practicing a time-based approach to equipment maintenance; they used to take the age of their machines as the factor for planning the maintenance. The ARC group states, however, that worldwide, only 18% of equipment has failed due to its age, while 82% of failures occur for other reasons. This proves that a time-based approach is not exactly cost-effective because a piece of equipment gets maintained irrespective of the actual need.
Some of the major challenges to this industry are the inefficiencies and equipment failures as well as the production that is temporarily stalled. To eliminate the risk of unexpected equipment failures and maximize return on assets, oil and gas companies seek new, more efficient maintenance methods. Here is why IoT-driven predictive maintenance will be beneficial to them.
Better Machine Performance
Oil and gas operations require a set of complex and critical assets throughout processes, such as offshore pumping station, compressor, drilling rig, transportation equipment, pipeline booster, etc. When oil and gas operations are remotely located, monitoring the health and performance of such assets presents a challenge. Using IoT, real-time asset health data and performance insights can be used to make informed decisions that drive efficiencies, mitigate risks and improve competitive advantage.
Identify Issues Immediately
Together with Predictive maintenance, predictive analytics can lead to the identification of issues that may not have been found otherwise. Predictive analytics software keeps a track of historical operational signatures of each asset and compares it to real-time operating data to detect even the smallest changes in equipment behavior. This approach helps in taking corrective actions by identifying changes in system behavior well before traditional operational alarms.
Improved, Data-driven Productivity
The Internet of Things has the potential to creates tremendous business value by enabling smarter equipment integration that creates an increasing amount of data. Oil and gas companies are faced with both challenges and opportunities to leverage that data to mitigate risk and improve productivity. With the help of predictive analytics, they can ascertain and comprehend actual and expected performance for the assets’ current ambient, loading, and operating conditions.
For oil and gas businesses, operating at the highest levels of efficiency while keeping costs in control and increasing productivity is a challenging task, including maintaining remote sites. To limit downtime and minimize risks, it is advisable for oil and gas companies to consider using IoT devices to ensure every business processes run smoothly. Telkomsel INTANK comes in with a predictive maintenance feature capable of cutting operational costs by monitoring tank condition and flow rate remotely in real-time. Moreover, machines can now also execute a check-up routine, automatically increasing productivity and security effortlessly. This will reduce the risk of operational accidents, and also keep your facilities and employees safe and productive.