Life extension of assets in the oil and gas industry

Cradle to Grave traceability part 3

Published on Monday November 23, 2020 by Mick Wilson

Suppose you buy an asset with hundreds of individual steel parts that should last for about ten years. Say, for example, a platform. Then those ten years are the guaranteed lifespan of your asset and the parts it consists of. But what if some parts could last longer? Through controlled use, reduced use or by finding out that the product hasn’t worn out yet?

With Cradle to Grave traceability, it is possible to analyze and extend the lifespan of assets, without increasing the risk of using them. In this article, Steeltrace explains how this could benefit the industry as well as your company.

Knowledge is safety. Safety is power.

Safety is a top priority in the oil and gas industry. This safety is ensured by routinely inspecting the quality of assets and replacing them based on wear and tear, or sometimes after a defined period of time. In recent decades, the industry has become particularly good at this. Nevertheless, contemporary technologies could make the job easier. 

After all, suppose you know the chemical composition of a pipe, and the size and thickness of the material at the time of its manufacture. Then you can estimate at any moment how far the wear and tear of the material have progressed. You can then predict when this pipe needs to be replaced. After all, each pipe deteriorates at a different rate, because of the chemical composition of the product that passes through it.

This is especially important when you buy a large asset, such as a used refinery or oil platform. You could replace a lot of pipes because the lifespan has been exceeded, but you can also check per unit whether this is necessary. 

More knowledge about individual products implies a better guaranteed safety but also brings financial benefits.

Traceability creates an overall picture

In the oil and gas industry, uncertainty is not an option, that is clear. So when you get that asset in your possession and some parts are worn out, you might have to replace everything to make sure. That’s something that makes the industry so powerful right now. That safety always comes first. But Cradle to Grave traceability can turn that strength into a valuable triangle. A strong foundation, built up from safety, sustainability and cost-effectiveness.  

By investigating the composition and wear and tear of individual materials, it is in fact possible to expand the safety margin, without increasing risk. And because all information is stored centrally in an online platform provided by SteelTrace, your due diligence in data integrity and traceability is increased. 

Sustainable oil and gas industry

SteelTrace believes in a sustainable oil and gas industry. Because even if the end products are not so much sustainable, the processes can of course become so. By using less raw materials to extract or transport raw materials, traceability is good for both the environment and the company’s balance sheet. 

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