The cumulative effect of years of skills shortage, limited financial resources, market volatility and asset degradation is posing an increasing risk of Mayor Impact Events (MIE) to happen in the Oil & Gas industry.
Artificial Intelligence technologies combined with sound reliability engineering practices can effectively mitigate such a risk by enabling organizations to quickly identify and correct systemic factors (SF) which have a simultaneous influence on several failure mechanisms throughout a process.
By focussing in correcting SFs, it is possible to simultaneously mitigate the degradation process of same several failure mechanisms. This will have a visible improvement in overall plant reliability.
When clear understanding of failure mechanisms is combined with the use of analytics to understand actual correlations in large process data, systemic factors are quickly, and cost effectively identified.