How Digitized Oil and Gas Asset Management is Improving Productivity and Lowering Costs
Oil & Gas industry observers are challenging the way the industry is currently operating its plants and facilities. The global shock of low oil prices has, in recent years, prompted a self-assessment within the industry, and has increased the level of urgency for finding more innovative ways of cutting costs in order to sustain profitability. One approach to enhancing profitability is to modernize asset management so that operational data acquisition and analysis, and hence, decision-making, can improve. However, some obstacles are hindering the attainment of such a goal. First there are large quantities of operational data available today that are not being used. Current data, for the most part, is collected through traditional historians. In many cases, these tools are underutilized with only a limited set of their functionality deployed. Second, not enough has yet been invested in new ways to gather data (above and beyond historians), or in digitized, cloud-based too...