Challenges and Opportunities with Asset Performance Management 4.0 in Oil & Gas and Petrochem
Creating one version of the “truth” about your asset performance with digitizationAsset-intensive companies like in the Oil & Gas industry face tighter maintenance budgets, stricter regulations and increased pressure to improve asset performance, whilst confronted with aging assets and workforce.
Stork, a Fluor company, is a value-driven provider of fully integrated operations, maintenance, modifications and asset performance management (APM) solutions, serving mainly the Oil & Gas and Petrochemical industry.
Read also: Routine maintenance will save you moneyCurrently unplanned events in Downstream Oil & Gas lead to a reduction of asset availability by 5%. Eliminating these events can be achieved by monitoring the condition of assets, collect the right data and by performing data analysis using new technologies like Artificial Intelligence, Machine Learning. The goal of Stork’s Asset Performance Management 4.0 solution is to bring and keep asset performance and condition in line with asset management strategy and objectives.
Based on our current experiences with customers the following objectives can be achieved:
- Inventory cost reduction of spare parts up till 10%
- Increased availability up till 6%
- Reduction of reactive maintenance up till 40%
- Optimized workforce productivity up till 20%
- Extension of equipment life time up till 15%
Figure 1 : from data to knowledge
Asset Performance Management is the key enabler to create “one” version of the truth about the health and condition of your assets.
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By setting new standards of excellence and introducing new technologies in the Oil & Gas and Petrochemical industry, we aim to be the industry reference. Every day, everywhere.