Asset Performance Management Oil and Gas

Asset Performance Management for Oil and Gas Companies

Asset Performance Management Oil and Gas
Asset Performance Management Oil and Gas

If you’re looking to save money and reduce unplanned downtime, Asset Performance Management Oil and Gas might be the solution for you. With this type of program, you’ll be able to monitor your assets’ performance using data-driven analysis, so you’ll know when a fault occurs and can make informed decisions on when and where to make maintenance repairs. Additionally, this program is modular, allowing you to customize it to your company’s needs.

Siemens and Aveva partnership for asset performance management oil and gas

Siemens and AVEVA are joining forces to offer the oil and gas industry a digital solution for Asset Performance Management Oil and Gas. AVEVA is a leading global provider of engineering and industrial software, and a major player in the Asia-Pacific region. Together, they’ll offer a comprehensive platform for asset performance management that can predict equipment health, automate maintenance and reduce unplanned downtime.

The new service will combine Bentley’s AssetWise Asset Performance Management Oil and Gas software with Siemens Energy’s Omnivise digital technology portfolio. It will allow users to manage maintenance and asset performance across multiple assets, including onshore compressor stations, gas processing plants, offshore production, floating platforms, and offloading vessels.

The AVEVA platform will be available through AVEVA’s extensive global partner network. It includes over 4000 systems integrators and distributors around the world. These partners will help customers access the AVEVA platform by providing localized support and expertise.

Benefits of asset performance management for oil and gas companies

Asset Performance Management Oil and Gas
Asset Performance Management Oil and Gas

Asset Performance Management Oil and Gast (APM) has many advantages for oil and gas companies. For starters, it increases operational efficiency and improves the reliability of the company’s assets. These improvements translate into better production. The software also helps companies reduce maintenance costs and unplanned downtime.

Oil and gas companies invest a great deal of money in their production assets. As such, it is imperative that these assets are optimized. Moreover, these companies must adhere to changing regulations and laws that apply to their industry. In addition, these companies are often located in remote locations, making it difficult to obtain assistance or expertise in case of maintenance issues. Ultimately, downtime in these companies’ operations can lead to significant production losses, environmental issues, and safety concerns.

APMM can help companies reduce unplanned downtime, reduce maintenance costs, and reduce environmental and health risks. The software can also identify ghost assets, which are assets that are mentioned in the account book but are no longer available. These assets may have been stolen or forgotten. Either way, it is imperative that ghost assets are removed from the account book in a correct manner, otherwise the company can be penalized.

Predictive analytics helps in asset performance management

Predictive analytics is a powerful technique that is used for business asset management. It helps businesses avoid sudden downtime and maximize return on investment by predicting failures and potential problems in advance. It uses historical data to predict future outcomes and identify trends. It can improve the overall strategy of a business while reducing operating costs.

Asset Performance Management Oil and Gas operations require a wide range of complex and specialized equipment. Moreover, they are often in remote locations. This poses a significant challenge, since monitoring equipment health is difficult. However, real-time health insights can help managers make better decisions and improve competitive advantage. The industry is already developing data on asset health to use in asset management and maintenance programs.

Predictive analytics can help businesses analyze key metrics, which lead to improved asset reliability and reduce unplanned downtime. Moreover, it can reduce maintenance costs and improve productivity. APM solutions use artificial intelligence (AI) and machine learning to help businesses gather data in real time. It also helps them develop an optimal maintenance schedule based on the data collected.

Digital solutions help in asset performance management

Asset Performance Management Oil and Gas (APM) is a method that ensures optimal asset performance throughout the lifecycle. It involves data capture, integration, visualization, and analytics. Using these tools, oil and gas companies can improve overall asset performance and reduce the risks of unexpected downtime and unnecessary expenditure.

With the advent of digital solutions, companies are using these tools to manage asset health and reliability. These solutions are available for onshore and offshore assets, including platforms, floating production storage and offloading vessels, and compressor stations. They are also leveraging smart sensors and industrial IoT connectivity.

While Asset Performance Management Oil and Gas has helped organizations increase productivity and efficiency, a number of challenges remain. Traditional silos are a major barrier to implementing a successful digital transformation. However, the market for asset performance management solutions is expected to grow to $250 billion by 2030.


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