How can real-time data improve efficiency in the oil and gas sector
The oil and gas sector is an enormously challenging one. Companies in the industry operate in dangerous circumstances and difficult environments under high pressure. The industry is still in the process of recovering from the oil price collapse in 2014 and businesses look for every possible advantage to distinguish themselves from their competitors.
Real-time data, data that is presented as it is acquired and can then be stored for later use and analysis, is one potential advantage. In recent years sensors have been deployed widely across the industry, monitoring and measuring every aspect of oil and gas production. These sensors are providing a vast quantity of data, which could offer a vital competitive edge to companies able to make good use of it. In this article we look at how real-time data can help oil and gas companies improve their efficiency.
Maintenance
Oil and gas industry companies run complex systems and assets under high stress circumstances with innumerable opportunities for problems to arise. Maintaining equipment is a vital part of business operations – any failure carries significant cost and could have catastrophic environmental consequences. Real-time data allows users to assess critical equipment and processes continuously. Any issues can be identified quickly and resolved – or even prevented from occurring. Data created in real-time can be analysed to check systems and schedule repairs or upgrades in the most effective way thus reducing downtime.
Safety
With employees often working in potentially dangerous situations, oil and gas companies invest heavily in their safety procedures. Using real-time data can help businesses improve safety, which translates into improved efficiency. Real-time data provides continuous assessment of pipelines and facilities – used effectively, this information can help to reduce both possible downtime and the risk of accidents. Companies can create alarm systems and put more remote-control processes in place, allowing employees to monitor production from safer locations. Data generated can be analysed to improve safety even further.
Compliance
Oil and gas industry operators are already carrying a large compliance burden, with new regulations and safety standards introduced frequently. Using real-time data can help streamline compliance procedures, helping companies meet the required targets and reducing time spent. During inspections accurate data can be provided in real-time to the inspector, which speeds up the process and provides a bank of information a business can use as evidence for future inspections and analyse to improve their systems even further.
Operational efficiency
Better use of data can help businesses in all industries increase their operational efficiency as well as saving time, costs and effort. The oil and gas industry is already generating vast quantities of real-time data through sensors deployed in their systems and could be making much better use of it to improve their business processes. Real-time data allows companies to identify and possibly prevent safety or production issues, to schedule maintenance and repairs more efficiently and to optimise their operations. It creates a database of information that can be analysed to improve procedures even further. Real-time data can be compared with previous results to spot and resolve inefficiencies. Personnel can be deployed more effectively and safely, downtime reduced, production maximised and response times improved. Systems can be set up where real-time data is available to everyone who needs it, increasing efficient communication, task generation and target setting.
OMS and real-time data
All OMS products and services offer real-time data. This capability is critical as our equipment is often used on the critical path of pipeline installation. The information gleaned can be used to improve processes, reduce downtime and adhere to project specifications.
OMS laser collecting real-time data of a girth weld
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Posted 23.10.19
[5 minute read]