Oil and gas organizations should move their maintenance approach from reactive strategies to predictive strategies, as it’s shown to reduce unplanned downtime by as much as 36 percent. More optimized maintenance strategies, including reliability centered maintenance (RCM) or risk based inspections (RBI), also help to optimize maintenance while reducing costs. RBI, for instance, identifies equipment that poses little to no risk. These low risk assets require low inspection coverage and minimal mitigation because of the acceptable level of risk they pose to safety or operations. Prioritizing resources towards higher risk equipment, while reducing inspections on non-critical assets, streamlines maintenance while reducing costs. Additionally, because the number of inspections is reduced, the volume of data is proportionally reduced as well, leading to a smaller data set and more accurate information.
With only a 1% rate of unplanned downtime costing more than $5 million annually, even small changes to optimize maintenance can materialize into large savings.