Driving Operational Efficiency with Intelligent Asset Management - 6 Pages

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Driving Operational Efficiency with Intelligent Asset Management

Catalog excerpts

Driving Operational Efficiency With Intelligent Asset Management Optimizing upstream production and maximizing return on investment with comprehensive, timely, and high-quality information

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Driving Operational Efficiency With Intelligent Asset Management Introduction Global demand for oil and gas continues to increase, and exploration and production (E&P) companies are investing heavily, drilling in deeper waters and taking on greater financial and operational risks in an effort to increase supply, lower operating costs, and increase the rate of discovery for natural resources. The industry faces several challenges, including price instability, an aging technology infrastructure, a declining experienced workforce, and regulatory requirements, aside from the increasingly...

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For instance, typical maintenance is done on a fixed schedule; many times consideration may not be given to actual usage or performance data to understand whether a particular system requires maintenance sooner or later than a prescribed period. There may also not be a unifying record of maintenance schedules and performance records for similar equipment to schedule parts ordering, sequencing and/or delivery to optimize parts inventory and availability to simultaneously minimize downtime and working capital outlays. • Inaccessible asset information increases risk, drives inconsistent work...

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Driving Operational Efficiency With Intelligent Asset Management Information aggregation System Data and Reports. Cross-functional visibility at asset level Performance & Root Cause Analysis, multi-system relationships and metrics Predictive monitoring Monitor and anticipate events through predictive tools and accurate usage data Critical software capabilities • Information aggregation helps provide a consolidated view of information from disparate systems and increases crossfunctional process visibility at the asset level. The ability to bring together information is the foundation for...

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Analytical models may be created to extrapolate effects of multiple process variables and then monitored as a means to estimate time between repairs, list of parts to be made available, testing, and validation. Such models may not only help prevent unnecessary downtime but extend the life of critical equipment by enabling operators to anticipate parts, materials, and expert availability—resulting in reduced operating costs. • Reporting, secure data archiving, and audit trails provide accessibility to accurate information, enabling better coordination across operations and supporting...

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Driving Operational Efficiency With Intelligent Asset Management For example, creating simple models of performance visibility such as time spent on critical operations like drilling, circulating, reaming, connecting, washing, and logging can provide in-depth understanding into resource utilization compared to “progress to goal” to help optimize decision making. Such software can also help users create sophisticated multivariate models to isolate process variables that may be affecting an operation or a critical asset such as correlating mud pressure changes on the topside with down-hole...

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