The adoption of predictive maintenance technologies within the oil and gas sector is helping companies cut back on operational expenditure by optimising maintenance scheduling and driving productivity, according to a thematic report by GlobalData.

Oil and gas data analytics

Predictive maintenance tools evaluate the condition of operational equipment and predict its maintenance requirements in order to achieve optimum performance and prevent malfunction. It uses automated condition monitoring and advanced data analytics to gather vital equipment statistics – such as vibration, temperature, sound and electric current – and compare them with historical records of similar equipment to detect signs of deterioration.

The insights gained from predictive maintenance programme enables decision makers to schedule maintenance activities without disrupting routine production operations. These insights can also be used to evaluate if any machinery or infrastructure requires a major overhaul on priority, and accordingly decide whether to use the available capital expenditure for new projects and expansion plans or divert it for the upgrading of existing facilities.

Predictive maintenance is a fairly mature concept and has been widely deployed in the oil and gas industry over the last 20 years. The increasingly volatile oil price environment is giving an added lift to the adoption of predictive maintenance technologies to help companies cut back on operational expenditure by optimising maintenance scheduling and driving productivity. Recent advancements in cloud-based data analytics and the rise of the digital twin in oil and gas operations are extending the boundaries of predictive maintenance technologies, making it a reliable tool for monitoring asset integrity.

GlobalData’s thematic research identifies multinational oil and gas companies, such as Shell, ExxonMobil, Chevron, BP, Rosneft and Equinor as the leaders in the digital oilfield theme. The research also identifies oilfield service providers, such as GE-Baker Hughes, Schlumberger, Halliburton, Aker Solutions, Weatherford and National Oilwell Varco among the leading players in this theme.

Key players in the predictive maintenance theme

Source: GlobalData