7 out of 10 US oil and gas companies rely on single data source for analysing risk management and asset performance, reveals poll

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15th October 2019 21:27 - Oil and Gas

7 out of 10 US oil and gas companies rely on single data source for asset performance: A poll by Lloyds Register at Gastech, of 100 asset managers in the US across a range of oil and gas industry organisations, found that 7 out of 10 rely on a single data source for analysing risk management and asset performance.

The research, titled Oil and Gas - Achieving Operational Excellence in Uncertain Times, looked at the technology used by oil and gas companies, and sought to understand more about their future plans. The report asserts that the Oil and Gas industry is ‘currently in the middle of a digital revolution'.

Asked about the data they use to inform decision making 44% said industry data to determine their strategies, while 38% reported using snapshot data of their assets, and the same percentage using OEM Data. Just over a quarter (27%) said they use historical data. 

The survey found that interest in transforming asset performance systems is increasing, although many organisations have still not done so. In terms of the technologies available, big data is drawing the most interest with a quarter (25%) of companies looking to invest, followed by AI and machine learning (23%), 3D digital twins (19%) and smart sensors (14%). One in ten (10%) are looking to invest in condition and risk based strategies, while 9% are interested in mobile solutions. 

The survey reveals that almost 4 in 10 asset managers (39%) are using advanced digital technology for maintenance and risk management. Just over a quarter are utilising risk-based inspection (RBI), while 13% use reliability centered maintenance (RCM).

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