New Study Reveals UKCS Could Save $1.9B Annually through Data Analytics
Adopting data analytics and digital technologies for asset maintenance and operations could increase production and lower maintenance costs worth $1.9 billion (GBP 1.5 billion) annually to the UK Continental Shelf (UKCS).
That is according to a joint study by the UK oil and gas industry’s Technology Leadership Board (TLB), the Oil & Gas Technology Centre (OGTC) and the Oil and Gas Authority (OGA), which investigated how data from topsides production and operations equipment is currently being used.
Adopting data analytics and digital technologies across the basin could deliver a 25 percent improvement in the reliability of critical equipment and systems and a 15-20 percent reduction in overall maintenance spend, resulting in an estimated $1.9 billion (GBP 1.5 billion) of value to the UKCS per year, according to the study.
“It’s widely recognized that oil and gas has been relatively slow to embrace the digital revolution when compared with other sectors,” Stephen Ashley, Digital Transformation Solution Centre Manager, said in an organization statement.
“As an industry, we need to harness the power of data if we’re to maximize economic recovery and unlock the full potential of the UKCS,” he added.
Scott Robertson, OGA CNS area manager, and co-chair of the Asset Stewardship Task Force, said there is “great potential” in using data analytics for a step-change in production efficiency.
In a Twitter statement posted on Friday, industry body Oil & Gas UK described the study as “collaborative work in action”.
The TLB, which is co-chaired by the OGA and industry, works with the industry, government and other stakeholders to define priorities to adopt, adapt and/or develop oil and gas technologies.
The OGA’s role is to regulate, influence and promote the UK oil and gas industry in order to maximize the economic recovery of the UK’s oil and gas resources, and the OGTC identifies and co-funds projects to develop and deploy new technology in the UK North Sea.
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