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The Future of the North Sea Digital Transformation Summit
May 21 - May 22
Dr Julian Pickering, CEO Geologix Systems Integration Ltd, will be doing a presentation on ‘Managing the Performance of Declining Production Assets.’
“Within the oil and gas industry, it is widely accepted that smaller operators can sustain economic operations in declining assets more effectively than larger companies. It is very common to see rounds of divestments as producing fields advance towards greater maturity. It is true that there are some economies of scale that drive the thinking of larger companies but the deeper concerns are about increased lifting costs, more complex processing requirements and the declining reliability of aging facilities. These problems are no less of a concern to smaller companies but they can tolerate lower production revenues owing to their much reduced infrastructure costs. However, if we can take steps to manage the three problem areas, a mature asset can be a very valuable proposition as its reserves will be proven, its production fluids well understood and its export markets established.
Within Geologix we have been addressing the reliability of aging facilities. The cost of ownership, in general, is driven far more by avoiding unplanned downtime rather than minimising the costs of maintenance and repair but the prudent operator wants to keep both to an absolute minimum in the case of declining production assets, to maximise economic return. The critical component is the accurate prediction of equipment failure, which is a product of current status and operational history. Anyone purchasing an older car should want a current condition report and evidence of past reliability and quality servicing to guarantee their investment. The same is true with aging oil and gas facilities, which in oil industry parlance means real-time condition monitoring combined with effective knowledge management.
In this presentation we will describe our solution for combining efficiency monitoring with knowledge management to provide best in class reliability prediction.“