Prolonging the life of assets

Accounting for nearly 55% of global energy consumption, oil and natural gas continues to be the world’s leading fuel. As the global energy mix is transforming, majors and smaller players across the globe are recognising the need to invest in and further extend the lives of their petroleum assets to meet current and future demands.

Over the last few years, asset life extension has been a huge area of focus for operators – and will continue to remain at the forefront – with a real drive to prolong their assets and avoid the need for early decommissioning.

Significant advances in data-driven inspection technologies are playing an integral role in enabling operators to get more life out of their existing 45 assets – such as platforms, pipelines and risers – in a safe and economic way, ultimately maximising production and profits.

One of the world’s leading industrial technology companies that specialises in creating unique and specialised detection, diagnostics and measurement solutions is urging operators that early engagement with inspection experts is absolutely key to successfully extend an asset’s life.

Jim Bramlett, Tracerco’s North American Commercial Manager, explains that in his experience – stemming across almost three decades in the field – operators need to start planning two years prior to an asset’s permit ceasing in order to get the right data needed to make informed and practical decisions to determine an asset’s future.

“Over the last decade, there has been a real shift in the oil and gas market – largely driven by the fluctuating cost of oil that has led to companies across the supply chain as a whole to streamline operations, reduce costs and decrease downtime,” continued Jim, “And with advances in technologies, this has been absolutely instrumental in helping companies to do exactly that – particularly when it comes to extending asset life …

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Read the article online at: https://www.worldpipelines.com/special-reports/19122022/prolonging-the-life-of-assets/