November 04 - 06, 2019
Norris Conference Center - City Centre Location, Houston, TX

By: Software AG

ASSET OPTIMIZATION IN OIL AND GAS REPORT

EXECUTIVE SUMMARY

The research was conducted over a period of six weeks with a goal of better understanding how oil and gas companies are adapting and adjusting their asset optimisation efforts in this environment of unprecedented complexity and volatility.

  • The majority of participants in this survey were from North America (more than 48% of the total). However, Europe, APAC and the Middle East also represented a significant percentage of respondents.
  • More than 63% of our survey respondents have an OE program, with 25% planning to start one soon and only 10% indicating that they had no plans to launch an OE program.
  • Operations, Maintenance, Engineering and Corporate Strategy topped the list for functional areas surveyed.
  • 32% of survey respondents were from upstream oil and gas; 31% from downstream oil and gas and refining; 14% were from the midstream sector with the balance being split across chemicals, plastics, petrochemicals and others.


TREND 1 - Oil and Gas Leaders Understand the Benefit of Predictive Maintenance

While 92% of those surveyed confirmed a belief that using predictive analytics will increase operational efficiency, lower capital costs and result in more safe and profitable operations – over 30% have predictive and prescriptive capabilities embedded in less than 25% of their assets.

75% of those we surveyed are using preventative maintenance practices; 50% are using predictive maintenance and 31% are using prescriptive maintenance – but a huge 36% are still using run to fail/reactive maintenance. For critical equipment that is not run to fail, most are using 3rd party service providers or home grown solutions.



TREND 2 - Predictive Maintenance Programs are on the Rise – and for Good Reason

Predictive maintenance leverages the Internet of Things (IoT) by continuously analyzing real-time equipment sensor data via machine monitoring to understand when maintenance will be required [...]

To continue to read this exclusive report, click here. 



Return to Blog