82% of failures have a random pattern that time-based approaches cannot catch and unplanned downtime costs an estimated $50 billion each year.
After several years of upheaval and oversupply, the oil and gas industry has begun to recover, with demand finally outstripping supply. Despite this positive outlook, many organisations remain cautious – and rightly so. Concerns over potential tariff expansions, interest rate rises and further economic downturn are rife, while the long-term decline in new oil and gas discoveries looms like a dark cloud over the industry.
LR recently conducted a study of asset integrity, maintenance and performance professionals that explored their issues and challenges. For many this will mean re-evaluating their approaches to asset performance and risk management, so they can increase asset lifecycles, reduce unplanned downtime and maximise asset productivity.
Achieving operational excellence is as important as ever for oil and gas companies as they look to find ways to maintain growth in the face of any future volatility. Download the report to learn:
- The key priorities for asset owners from the production platform to the refinery
- Discover the technologies your peers currently use to manage and maintain their assets, and the methods they plan to adopt in the future.
- Learn how to reduce failure risk by 80% and achieve operational cost savings of up to 50%.
The impact of advanced digital systems can be transformational and provide a robust and adaptable option for the future management and maintenance of assets. Complete the form below and discover the APM trends in the market and how you can take advantage of them to achieve better productivity and reduce downtime.