Six of the world’s top ten companies are in the oil industry. Nearly 1.4 million people were employed in the industry in the USA alone in 2015, even after the oil price fell from $125/barrel to less than $50. Global demand in 2018 totalled 99.3 million barrels per day and is projected to increase to 101.6 million barrels/day in 2020. The industry as a whole is facing major change. The evolving market landscape will look very different by 2030, with the rise of unconventional reserves and the trend to non-oil power sources.
‘Boom and bust’ cycles dominate investment. Exploration and drilling companies require quick response. Production infrastructure is very expensive. Suppliers must adapt to urgent demand and fallow periods. High inventories maintain readiness but are expensive.
Scalable management solutions facilitate effective planning and agile response. Transparency enables rapid identification of downstream demand and highlights opportunities to shorten process time, take out waste and react faster, reducing the need for a large inventory.
New methods of exploring and extracting previously untapped resources, such as fracking, are emerging. Speed of innovation can render established equipment obsolete. Alternative power sources and environmental pressures are impacting demand for downstream products, from fuel and synthetic lubricants to plastics.
Real time process visibility tracks progress, identifies bottlenecks and highlights opportunities to rapidly adapt and remodel production lines, improving efficiency, productivity and profitability.
Equipment and machinery must withstand extremes of climate, weather and environment. Leakages, spillages and explosive accidents are extremely costly, both commercially and to reputation.
Safety is improved by rigorous quality standards, reducing in-field failures. Real time monitoring will provide reliable data on machine conditions for analysis. In-process inspection and validation raises quality and reduces end-of-line and delivery rejection. Automatic collection of data and documented procedures provide auditory evidence.
Pollution and compliance
Non-compliance with legislation is seriously damaging, financially and reputationally. Wellhead, extraction, transportation and processing equipment is mission-critical. Within the manufacturing environment, machine condition is critical to delivery of secure equipment that will not fail in-field.
Automated, real-time data collection and equipment and industrial fluid condition monitoring, linked directly to production planning software, helps maintain machine performance. Effective monitoring extends maintenance intervals and equipment lifetime.
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