This article will explain why Transcendent makes a good Enterprise Asset Management (EAM) solution for the oil industry as a preventive maintenance solution.
Increasing Oil Production using SaaS for Preventive Maintenance
There are over 3 million active oil wells in the world and thousands of oil refineries. The cost of building an oil rig can be very expensive ranging from $2 to $15m for onshore wells and ranges from $2m to over $100m for offshore wells. Much of the offshore cost is highly dependent on the degree of remoteness and the depth of the water. In the United States, pump jacks (wells) dot the landscape throughout oil producing states. As a result, using SaaS to help schedule and track preventive maintenance is crucial due to the cost involved in reaching many wells. Performing preventive maintenance will allow wells and refineries to have less down time to maximize their economic life cycles, help identify potential environmental disasters, and reduce costs by avoiding redundant and unnecessary travel.
Imagine the environmental effect of a leaking pump in an area with a shallow water table. Left unchecked for too long the entire eco-system could be contaminated. SaaS preventive maintenance solutions like Transcendent help organize the work flow thereby increasing the amount of proactive maintenance that can be scheduled. This is new time that can be used to make minor repairs increasing efficiencies in production machinery and reducing down time. Less down time means greater oil production throughout the economic life cycle of the well or refinery.
In this age of modernization everything mechanical (moving parts) we still need preventive maintenance. A remote oil rig in the North Sea, on an Island or even near the arctic will always require attention. How much attention, how many labor, the scope of the repair work and the costs can all be minimized utilizing a good EAM solution such as Transcendent. The integration of hand held technologies makes it ideal for use when traveling or at remote locations. A well architected SaaS preventive maintenance solution will not only help increase oil production but might just also avert a disaster both environmentally and economically.