Improve Midstream ROI: Adopt One Pipeline Integrity Software for both Pipeline and Facilities
Few industries understand the rigorous environmental, safety, legal and regulatory requirements of asset integrity management as intimately as 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.
The Necessity of Asset Integrity Management for the Petrochemical Sector
The Petrochemical industry has a deep understanding of the intricate challenges of asset integrity management. Owner operators within this sector typically oversee a diverse range of equipment types, materials, and processes, often more varied than those in the Oil & Gas sector. Additionally, Petrochemical companies operate within a heightened risk landscape, encompassing safety and environmental mishaps such as loss of containment, resulting in toxic and flammable chemical releases, all stemming from the inherent properties of the materials involved.
Integrity Operating Windows Reduce Inspection Frequency, Improve ROI
For owner operators of asset-heavy corporations, the driving impetus behind daily operations remains consistent: How can asset failures be minimized without incurring the high costs associated with inspection intervals and turnarounds?
Implementation of a Risk Based Inspection (RBI) Program
The immediate cost saving advantages of adopting an RBI approach to asset integrity management are gaining momentum. Corporations are increasingly realizing that RBI, with its ability to intelligently analyze equipment’s probability of failure (POF) vs consequence of failure (COF), is the prudent approach to managing critical assets. Embracing RBI assures that a structured, systematic, and technically defensible approach is used to make decisions. RBI significantly reduces instances of equipment failure and minimizes unplanned shutdowns.
Risk Based Inspection – Why Consider it?
In the realm of asset integrity management, where every moment counts in financial terms, organizations must prioritize strategies that are not only cost-effective but also prioritize safety, regulatory compliance, asset integrity, operational efficiency, and data-driven decision-making. This is particularly crucial for owner operators who are burdened by unnecessary expenses resulting from over inspection, under inspection and outdated inspection methods. Notably, equipment failures annually cost the US refining industry billions, with a significant portion attributed to static equipment loss of containment.