Increasing Profitability by $16MM USD with Customized Risk-Based Inspection

  • Increasing Profitability by $16MM USD with Customized Risk-Based Inspection - PinnacleART Case StudyA global oil and gas exploration and production company needed to optimize its inspection program.
  • Based on this challenge, PinnacleART developed and implemented a customized RBI solution.
  • PinnacleART’s RBI Implementation has enabled an optimization of inspection intervals and increased availability, resulting in added profitability of more than $16 million USD.

INTRODUCTION

A global oil and gas producer with exploration and production activities concentrated in three geographic regions—the United States, the Middle East and Latin America —is focused on long-lived oil and gas assets, where production can be increased by applying appropriate technology. This company strives to manage production costs effectively and to achieve exemplary safety and environmental performance.

CORPORATE CHALLENGE

In order to support expansion of field assets—and meet production targets, while maintaining equipment integrity—this organization identified the need to optimize its inspection program. A strategy was developed to utilize Credo® Inspection Database Management Software (IDMS) with an imbedded Risk-Based Inspection (RBI) module based on API recommended practices. The company was faced with limited internal resources to develop and implement this solution, so it required external support from an established asset integrity services provider.