Over the last 20 years, the predictive recommendation has been frequently used in the oil and gas sector. Operators might think about using advanced analytics, which combines engineering, data science, and computational power to help firms anticipate yields or maximize industry assets, to help optimize output. The oil and gas sector continues to confront significant obstacles, such as the expense of maintaining its outdated infrastructure. An estimated $6.6 billion per year is lost by refiners in the United States owing to unscheduled downtimes. The industry has difficulty deriving end-to-end insights from the data it collects. An astounding 95 % of the data is never used because hand-crafted analytics are too slow and do not scale.
Numerous businesses already proclaim to help engineers and data scientists with various facets of their jobs, such as equipment predictive recommendation, supply and demand forecasting, and streamlining standard procedures. Progress has also been hindered by the dependence on conventional analytics methodologies and a legacy computing infrastructure that lacks the necessary processing capacity to evaluate the amount and diversity of data quickly enough. To extract these seas of data, provide insights, and preserve efficiency, oil and gas data requires secure, always-on, and highly scalable analytics and this is where MakoroTM plays extremely well.
By embracing a cloud-plus-edge deployment model and predictive-analytics-at-the-core architecture, businesses using MakoroTM combines the strength of engineering, data science, and AI to realize a range of advantages in the face of disruption.
1) Reduced costs of maintenance and repairs
2) Increased workforce utilization and safety
3) Increased savings in costs of operations
Three critical processes in the Oil & Gas industry are upstream, midstream & downstream.
In the Upstream process, the firms are engaged in the exploration and production of oil and gas. These are the companies that scour the globe for deposits of raw resources and then drill to obtain them. This process is characterized by significant risks, high investment capital, a longer duration due to the time required to identify and drill, and technologically complex nature.
Once a well has been dug, operations are required to generate and sustain its output throughout time. Well, servicing includes tasks such as logging, cementing, casing, perforating, fracturing, and maintenance. Therefore, oil drilling and oil maintenance are two distinct commercial operations within the oil and gas sector.
Drilling is expensive even if the best location is found. Equipment downtime further will raise the price. Unplanned downtime costs offshore oil and gas corporations $49 million each year, a sum made worse by aging equipment and financial constraints.
Wasted production time erodes profits in addition to equipment maintenance and physical labor. If vital equipment fails, there are safety risks and possibly fatal consequences.
Companies that adopt Makoro™ will see a reduction in equipment failure and maintenance costs. Asset and maintenance recommendations based on Makoro’s continuous intelligence combine data from machines, upstream processes, and rigs to allow operations personnel to understand risks in real-time, anticipating and minimizing field concerns.
In process those primary concentration is storage, transportation & processing. Companies are responsible for transporting extracted raw materials to oil and gas refineries for processing. Shipping, trucks, pipelines, and the storage of raw materials define the midstream process.
From a distance, midstream may look more basic than oil mining or drilling, but in fact, midstream transportation movements are significantly more complex than they appear. Organizing the storage and distribution of fuel supplies requires adherence to stringent safety rules and several levels of bureaucracy and government restrictions.
The midstream faces unique challenges. Not only must companies gather hydrocarbons from upstream producers, but they may also operate processing facilities to “sweeten” the gas and remove impurities. The core challenge is to distribute products to customers via pipelines and storage facilities while keeping close track of how much product is flowing to customers.
Visibility and centralization of data in the supply chain are crucial to resiliency and agility. Considering that midstream transport is the link between oil production and distribution, the efficacy of fuel transportation is crucial to the performance of the whole supply chain. Transparency and speed are essential for a successful transportation strategy, which is why midstream firms must deploy AI-based digital solutions like Makoro™ which can help them to improve and optimize their supply chains. Supply chain insights and recommendations delivered by Makoro™ enable businesses to boost efficiency, get more insight into operations, simplify procedures, achieve compliance, and overcome blind spots related to the supply chain.
Makoro gathers data from multiple sources and feeds it into an AI and Advanced Analytics platform to make recommendations & predictions on risk and how to best allocate spending for compliance and other process optimizations. Natural-language recommendations from Makoro™ are built for the frontline workers so that they can understand and act upon them.
Refineries are the businesses responsible for eliminating impurities and transforming crude oil and natural gas into consumer goods such as gasoline, aviation fuel, heating oil, and asphalt. At gas stations, customers refuel at the pump.
Current refinery scheduling processes use a trial-and-error approach based on the schedulers’ experience. But increasing complexity requires upgrading this logic with machine learning, providing standardized and optimized 30-day scheduling that also offers an agile response to the possibility of processing a specific opportunity crudely.
Existing difficulties arise in the downstream distribution. You may have vehicles with several compartments that convey various sorts of items simultaneously, some of which cannot be put in adjacent compartments owing to safety concerns. Possibly you have on-load vs off-load and weight problems that ultimately relate to safety; if you empty one container before another, the vehicle may become unstable while driving.
By selecting an innovative solution for route and distribution planning, all of these obstacles become obsolete. It is merely a question of planning out the process flows of your firm and collecting data for the forecasting algorithms with the correct SaaS platform like Makoro™.
With the changing nature of the energy production sector, AI delivers substantial value throughout the whole value chain. AI assists oil and gas businesses in determining the value of particular reservoirs, customizing drilling and completion plans based on the geology of the region, and evaluating the hazards associated with each individual well. Additionally, downstream processes may be adjusted to save expenses and enhance margins.
Deep learning and the notion of “Digital Twins” provide tremendous potential advantages for oil and gas predictive maintenance. For instance, the early and accurate detection of faults, the prediction of the remaining useful life of an asset given its operational context, and even the prescribing of work scope guidance for the field service team, including recommendations for the parts and personnel skills necessary to service them.
C-suite executives often question how companies might use AI and deep learning to investigate the predictive maintenance possibilities of the digital twin. The solution is obvious: Engage immediately. Now that the technology is available, it is time to embrace an AI-first mentality. Commence a discussion on how to effectively expand your business capabilities utilizing the appropriate technologies and infrastructure.
How can MakoroTM assist?
Asset management, including its monitoring and maintenance, project planning, and lifecycle management, is one of the most significant areas where Makoro™’s digital twin (DT) technology may play a vital role. Makoro™ Recommendations Dashboard highlights the business value delivered by MakoroTM to operations in real-time, MakoroTM utilizes the customer’s current infrastructure (cloud, on-premise, or hybrid) and communicates with the customer’s existing private/public/hybrid cloud, on-premise, and edge systems without friction.
Makoro™ helps oil and gas businesses to overcome production imbalances, sudden changes in global economic circumstances, and equipment dependability difficulties in such a situation. Makoro™ optimizes supply chain processes by providing continuous insights and recommendations through Makoro™ Mind, the data-driven core that leverages IoT, Digital Twin, Artificial Intelligence, and Advanced Analytics to make operational recommendations.