Articles

Few understand the rigorous environmental, safety, legal and regulatory requirements of asset management like those in the Midstream Oil & Gas sector. Without proper integrity management of their critical network of assets, catastrophic loss of containment could result in increased environmental hazards, loss of life, devastating lawsuits, and unplanned shutdowns – costing owner operators tens of millions of dollars.

Few industries understand the complex challenges of asset integrity management as well as those in the Petrochemical sector. Due to the nature of the industry, owner operators are often responsible for a vast array of equipment types, materials and processes that can be more varied than facilities in the Oil & Gas sector. Further to this, Petrochemical companies operate under exponentially larger risk of safety and environmental mishaps, including dangerous leakages, loss of containment, and formation of toxins, explosive materials or fire, simply due to the nature of the materials used.

In a world dependent upon the transportation of fossil fuels, fewer industries have a more pressing need to ensure project success than that of pipeline construction and inspection. With safe, timely, project operations at the forefront of this industry’s needs, why is it still so dependent on dated, inefficient practices?

For owner operators of asset-heavy corporations, the driving impetus behind daily operations is always the same: How can I reduce costly incidences of asset failure without breaking the bank over inspection intervals and turnarounds?

The most financially damaging threats any plant, pipeline or refinery executive faces are those associated with unplanned shutdowns. The average refinery faces an annual risk of $25 million per year due to failures of static equipment.

When it comes to mitigating risk for critical assets, time is money. The old adage is especially true for owner operators still incurring unnecessary costs due to the dated method of time-based inspections for assets. Equipment failures cost the US refining industry over $4 billion per year, with two thirds of those costs being associated to failures of static equipment.

In the world of asset integrity, proper data management is critical. Those in the Oil & Gas, Chemical and Pipeline sectors are faced with an insurmountable amount of data with no feasible means of managing it. One of the most pressing issues they face is the lack of access to pertinent data on their assets.