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How big data, analytics increase production asset uptime in oil fields

Although oil prices have recovered to above $60/bbl recently, Oil and Gas producers continue to be highly focused on reducing their operations costs to reduce their break-even prices in order to stay ahead of the curve; companies must continue to make investments in improving operational efficiencies to sustain and improve their profitability in the highly volatile business environment.

Where to focus to sustain continuing cost reduction… According to ARC Advisory Group, companies could lose up to 5% of production due to unplanned downtime. The average impact of unscheduled downtime has caused process companies to lose more than $20 billion in production annually. As production assets in the oil fields -whether offshore or onshore- are always exposed to harsh environments, maintaining equipment to keep up with production is often challenging.

Source: worldoil.com

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