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A big deal for the US energy industry.

LR AllAssets provides a new way to reduce costs, increase reliability, mitigate risks and improve project profitability.

As major oil, gas, and chemicals companies make increasingly sizable investments in digital and emerging technologies, they do so in the knowledge that these investments must address the industry-wide issue of ageing assets operating beyond their original design life. The drive for greater efficiencies has fuelled demand for improved performance, operational uptime and safety through the better use of data.

Companies are incessantly gathering data across every element of their supply chains from oil fields and pipelines to refineries, power stations and manufacturing. It has been estimated that 90% of the data in the world today has been created in the last two years alone.

Oz Rodriguez, Product Manager, LR AllAssets, highlights: “Data is fast becoming a big deal when it comes to asset management, and so is the speed with which it is expanding. We recognise the importance of data and, we have engineered AllAssets on the basis that companies need to consume and analyse large volumes of data.”

From data to decision

According to the EMC ‘Digital Universe of Opportunities’ with Research & Analysis by IDC, the digital universe is doubling in size every two years, and by 2020 will reach 44 zettabytes, or 44 trillion gigabytes.

“To put data and its size into context, a jet engine can generate 10TB of data in 30 minutes - with 25,000 flights per day, the volume of one data source runs into Petabytes. Smart meters and heavy industrial equipment in refineries and oil rigs generate similar volumes,” highlights Rodriguez.

For LR’s clients, this brings both opportunity and threat – the chance to see previously undiscovered truths about asset performance, and the threat that this can be lost in the noise created by all this volume.

“When data is used effectively it can provide insight and visibility of emerging trends, moving from measuring ‘what is’ to predicting ‘what if’. Used wisely, it can help organisations to achieve vast operating cost savings by as much as 40%, higher production rates and enhanced safety,” says Rodriguez.

Leading the charge to the digital oil field

At a recent LR event on Data it was suggested that the collection of data needs to be run like any other project with the initial objectives defined, so it is known what, why and how data is being collected for, and how it will be used to influence operational and commercial asset management decisions.

Many organisations are already successfully managing their data and the concept of the ‘Digital Oil Field’.

“BP introduced their ‘Field of the Future®’ technologies to collect, manage and analyse data to deliver operating benefits, whilst Chevron have attributed hundreds of millions in cost savings and improved output to their ‘i-field™’ digital oil field vision,” says Rodriguez. “At LR we are helping companies to lead on this transition from a safety, reliability and performance perspective.”

LR AllAssets launched

LR’s latest technologies and software can transform raw data, which is examined through algorithm and analytical tools, supported by human capability and expertise, to help identify valuable insights and add context to the data.

LR AllAssets, is a software platform that provides companies with a full understanding of risk in relation to plant performance and reliability, and a critical component of any company’s Asset Performance Management (APM) strategy.

The product is a cloud-first approach with Open Integration Standards to enable users to easily and securely connect to plant data sources with seamless integration.

“This allows for more accurate risk mitigation and improved resource utilisation,” says Rodriguez. “It houses preconfigured templates and a unique model builder tool enables users to build bespoke models without the need to engage third-party providers, bringing a completely new approach to APM.”

Users of the LR AllAssets software are easily able to configure risk models for their own environments in days or even hours and without any software coding, saving time and money. 

“In a climate of ever increasing scrutiny on performance and risk, software developments such as LR AllAssets provide industry with confidence that operational risk can be managed successfully, and assurance for operators that their plants can be optimised at a technical and engineering level for better performance against regulatory requirements,” says Rodriguez.

LR is showcasing its AllAssets software at OTC Houston from 6 to 9 May 2019 at Booth # 3761 or click here for more information.

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