Terminals, refineries, rigs, platforms and pipelines are costly to build, to operate and to maintain. Keeping tight control over the total life-cycle cost of all this equipment is a major challenge. At the same time, the opportunities to stay ahead of the game are huge at the moment. Industry 4.0, data, smart solutions and the energy transition present openings to accelerate improvements and increase an Oil and Gas company’s competitive advantage. Asset management can drive this transformation by using data-driven insights to increase asset efficiency and maximize asset performance to positively impact the bottom line.
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This article provides an overview of MTBF and outlines how to use this knowledge to calculate, improve, and use these metrics for building KPIs.
We share our view on 25 years of maintenance and asset performance management.