A high performing plant is one that is safe, efficient, reliable, and profitable and there are many critical success factors that come into play when it comes to striving for excellence.
A safe asset is a reliable asset, and a reliable asset depends on sufficient equipment management strategies and risk mitigation barriers being put in place and adhered to through a systematic approach to asset management.
To achieve this, companies must consider harnessing technology advances. With mass redundancies and cost cutting initiatives occurring all over the world in the wake of COVID-19, a transition to utilizing and adapting to “Industry 4.0” technology is more critical now than it ever has been.
Managing operational expenditure is a challenge for any asset, but as the age of an asset increases, additional challenges are introduced, and the cost of operational expenditure typically rises. These additional costs are usually driven by equipment failure, obsolescence, and lack of sufficient maintenance.
To help manage the costs of aging assets, maintenance and operational stakeholders need to consider, and invest into proven initiatives that optimise ways of working, increase equipment reliability and assure safety integrity of the facility.
Extending the life of an asset has become more and more prevalent over the last 5-10 years, as companies strive to maximise oil recovery and future proof existing infrastructure. And there can be huge commercial gain for operators if done effectively and efficiently.