While the Internet of Things (IoT) and the Industrial Internet of Things (IIoT) are all the rage these days, the sensors monitoring industrial processes have long had microprocessors to report more than what they are supposed to sense—such as pressure transmitters measuring pressure. Through digital communications, they also communicate their configuration and current settings, diagnostics, and even control functions in sophisticated digital communications protocols like Foundation fieldbus.
With the advancements in communications technology, there are more paths to get this rich data, either through or around the control system. The amount of data has not been the issue to improving performance, it’s been analyzing and interpreting this data to provide actionable recommendations. With the advancement of IIoT, cloud-based analytical software, and domain experts collaborating whether co-located or not, the promise of actionable recommendations is more possible and practical than ever.
At the April 30th through May 3rd Offshore Technology Conference (OTC2018) in Houston, Emerson’s Jose Jimenez and Peter Zornio will present, Leveraging Field Intelligence through Operational Certainty: How Automated Operating Practices Deliver Industry Leading Results on Monday afternoon. Here is their abstract:
The oil and gas industry loses approximately $300 billion profit annually to poor operating performance. Outdated technologies and work practices are largely to blame because they lack the predictive capabilities of modern automation. When oil and gas producers adopt modern technologies and adjust work processes, they can recover a significant portion of these losses and realize top quartile performance in production, reliability, and safety. Examples illustrate this.
In response to low commodity prices, the oil and gas industry has rationalized operations and procedures over the last few years. However, estimates are that the industry still loses hundreds of billions of dollars annually to poor operating performance. Much of that can be recovered by emulating the practices of the industry’s best performers. The top quartile of oil and gas producers deploys technology, processes and people in a purposeful orchestration to boost production, cut costs and improve safety. They define a strategy, analyze inefficiencies, prioritize opportunities, and then select technologies that can scale and leverage existing investments. Doing this substantially boosts the bottom line.
In their presentation, they will highlight areas in which top performing oil & gas producers excel. These include production optimization, cost containment and safety practices. Enhancements in safe operations also reduce variability in financial returns from reduced unplanned process interruptions.
Technology can play a large role in eliminating efficiency barriers and enabling greater access to experts. These include additional, easily added sensor, increased connectivity and advanced computing and analytics. For example, monitoring the integrity of assets is easier with wireless, non-intrusive corrosion and erosion sensors of pipes and vessels as well as wireless vibration sensors for rotating equipment such as pumps and compressors.
If you’ll be at the OTC conference, make sure to catch Jose and Peter’s presentation. They will also discuss opportunities in improved unconventional operations, value drivers and specific examples for production, cost and safety improvements, and the path top oil & gas production performers take to incorporate technology, people and processes in their digital transformation efforts.
Visit Emerson at the Offshore Technology Conference 2018 page on Emerson.com to get a free show pass and visit us in booth #2261 in NRG Center or to connect with an Emerson oil and gas industry automation expert.