An oil and gas industry study has found that adopting data analytics and digital technologies for asset maintenance and operations could deliver savings of £1.5 billion annually to the UK Continental Shelf (UKCS) through increased production and lower maintenance costs.
According to the new study, the failure of offshore equipment, such as gas compression, oil export, power and water injection systems, resulted in lost production of around 110 million barrels of oil equivalent in the North Sea in 2017.
The study investigated how data from topsides production and operations equipment is currently being used and can help sustainably improve production efficiency and maintenance planning, reducing operational costs.
The report concluded that adopting data analytics and digital technologies across the basin could deliver a 25% improvement in the reliability of critical equipment and systems and a 15-20% reduction in overall maintenance spend, resulting in an estimated £1.5 billion of value to the UKCS per year.
The full report can be downloaded HERE.