Oil and gas decision-makers are coming under increasing pressure to reduce asset downtime, according to new research. As part of Lloyd’s Register Energy’s Technology Radar research programme, a survey of oil and gas decision-makers was commissioned to mark the launch of its new software solution Axxim.
Almost two thirds 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 reporting that asset integrity savings are more important than they were 12 months ago.
Axxim 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 per cent, reduce failure risk by 80 per cent, and determine optimum approach to inspection and maintenance that can achieve costs savings of up to 50 per cent.
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.”