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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.
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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.
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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.