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.

£1.5bn UKCS savings available through data analytics and digital technology

The joint study was carried out by the UK oil and gas industry’s Technology Leadership Board, the Oil & Gas Technology Centre and the Oil and Gas Authority (OGA).

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.