The recent downward trend in oil prices has put significant pressure on oil and gas enterprises, while they face stiff targets on the return on capital employed (ROCE). Further, deep sea explorations in high-pressure, high-temperature conditions present greater demands on the integrity and reliability of equipment.
Since most exploration assets operate beyond their original design, enterprises have to bring operational safety to the top of their priority lists, creating a zero tolerance policy for accidents or incidents. When oil wells, rig platforms, and refineries fail, product availability suffers. Hence, asset maintenance strategies play an important role in improving reliability and utilization.
Disruptive technologies like predictive data analytics, machine-to-machine interactions, communication technologies, next generation sensors, control systems, and intelligent assets are enabling new ways to effectively operate facilities and ensure equipment reliability. We are entering a new paradigm of connected assets that can leverage real-time condition monitoring and predictive modeling to preempt failure and mitigate risks. New technologies like multi-variant models, integrated audio and video feeds, and streamed information from sensors (like temperature and pressure) help predict and avert failures.
For TCS, reliability of assets is not limited to the operations and maintenance (O&M) phase; it starts at the concept design stage. We apply scientific solutions and mathematical models that involve cause-effect analyses of various parameters, life-data analysis, reliability analysis, statistical analysis, and Monte-Carlo simulations. Our sensor data analytics platform collects, stores, and analyzes a variety of sensor data. TCS’ Innovation Labs are dedicated to developing digital, IoT based solutions to enhance condition monitoring and asset maintenance.