Asset management is a field that is gaining greater prominence in enhancing operational efficiencies for oil and gas companies. It provides a structured methodology for commissioning, operating, maintaining, and decommissioning assets in a cost-effective manner. Contemporary oil and gas facilities are being set up on a larger scale than ever before, having higher production and storage capabilities, to insulate them from market volatility and improve long term profitability. A well-designed asset management plan becomes even more essential for such high outcome projects in achieving their eventual objectives. Oil and gas asset management software is not bound by restrictions of scale or geographic distances and can be implemented to oversee multiple facilities from a centralized location. These solutions can help reduce equipment downtime, inventory control, resource management, save costs, and meet legal and regulatory compliances.
At LifeTech Engineering, we offer the best oil and gas software tools to aid your oil and gas businesses.
- An Integrity Management & RBI Software – RBLX
- A Fitness for Service (FFS) Software – FITest
- An Ageing & Life Extension Software – FUSION
RBLX is a quantitative RBI software suite created based on industry standards. This tool is highly efficient in identifying applicable damage mechanisms, and calculates corrosion rates, determines damage susceptibilities, estimates current and future risks, and recommends optimum inspection plans.
Perks of an RBLX software:
- offers immediate connectivity
- fast and highly competitive
- Helps in searching and routing-out historical evidence quickly and efficiently.
- Monitors and predicts equipment failures
- Prevents potential shutdowns
- Reduces turnarounds
FITest Fitness-For-Service (FFS) assessment software can be used to determine flaws or damage in the system by evaluating pressurized components. If the results of an assessment indicate that the equipment is suitable for the current operating conditions, then the equipment can continue to be operated at these conditions provided suitable monitoring/inspection programs are established. If the results of the Fitness for Service assessment indicate that the equipment is not suitable for the current operating conditions, then the software will recommend remediation. FITest interprets original equipment design data, maintenance and operational history, and specific requirements for data measurements and flaw characterization based on the damage mechanism and evaluates the system in two assessment levels. Level 1 provides conservative screening criteria that can be utilized with a minimum amount of inspection or component information. Level 2 provides a more detailed evaluation that produces results that are more precise than those from a Level 1 assessment.
Perks of FITest:
- Robust security
- Compliant with API 579/ASME FFS-1
- Automated assessment levels
- Offers recommendations for Level 3 assessment
- Integrity assessment of ageing assets
- supports cylindrical & spherical shells, formed heads, storage tank plates and shells, etc.
- evaluation for continued services
- evaluate current conditions & predict remaining life
- increase safety, reduce costs & shutdowns
Life Extension is the period beyond the design life for which a facility is to operate while still maintaining acceptable standards of operational and technical integrity. The major concerns arising from ageing and life extension present significant challenges for offshore oil and gas operations.
Many assets in the oil and gas industry are approaching or have exceeded their original design life. Poor ageing and life extension management increase the risk of health and safety concerns in the oil and gas industry. Most accidents recorded on the offshore oil and gas fields are a result of ageing facilities and asset integrity deterioration. Many fields still have recoverable oil and gas that can be extracted using the existing facilities or enhanced methods, and in some areas, new fields are tied into the existing platforms. Many offshore operators are requiring their installations to operate for several years beyond their original design life while continuing to meet business and regulatory requirements for reliability and safety.
From a safety point of view, keeping the integrity of equipment during the life-extension period is vital. Thus, formal assessments are needed to demonstrate that there is sufficiently technical, operational, and organizational integrity to continue safe operation throughout a life extension.
Perks of FUSION:
- robust security
- compliant with API and NORSOK documents
- API 581, 579 and API 571 damage mechanisms
- risk assessment based on API 581
- remaining life assessment based on API 579
- recommends life extension period
- recommends inspection, mitigation and maintenance
- increases availability, reliability, efficiency and safety
- integrity assessment of ageing assets
- evaluates current conditions and predict remaining life
LifeTech Engineering software suites are cloud-based and deliver accurate, consistent and compelling data giving you an opportunity to embrace and increase stakeholder confidence, improve your long-term supply chain costs and help increase efficiency and stability. Our dedicated support team helps in keeping your operations, maintenance, and procedures streamlined, safe and cost-effective. Contact us today, to integrate the best oil and gas asset management software in your business.