The Industrial IoT Runs Roots in the Oil & Gas Industry

digital twin oil and gas industryIndustrial IoT and digitization will loom large as the industry professionals gather at this year’s Offshore Technology Conference (OTC) in Houston, Texas, May 1-4. Over the past few years the industrial IoT has grown beyond information technology concerns (gathering data, data processing and security, etc.) and now includes predictive maintenance of assets, prognostics health management (PHM), reducing cost and nonproductive time, eliminating breakdown and failure.

One of the first steps in realizing the benefits of the IoT for the energy industry is to create intelligent machines/digital products. As evident from consumer product devices, for example smart watches, soon if not already, oil and gas equipment will also need to perform more than just a mechanical function and must become smart or intelligent.

The Industrial IoT does not mean to just add sensors everywhere, collect the data and perform analytics. The expectation is that the strategy leads to collection of information that drives business objectives and resolves a technical or operational bottleneck, meets industry standards and complies with regulatory concerns. The major goals include optimization, reliability and new value creation (reducing downtime, extend asset life, reduce failure). This can be achieved through a combination of field data (sensors, operators) with non-field data (historical, simulated, physics base analysis)

As the energy industry focuses on automation, digitization, asset management, and cost reduction, Prognostics Health Management (PHM) is a natural example of how Industrial IoT is improving with asset management concerns. PHM is combining the predictive analytics enabled by IoT with well-established condition-based monitoring practices. The goal is to further reduce non-productive time and promote even more effective maintenance. The benefits include increased availability of asset, reliability and performance, lifetime extensions, and increase insights into failure prognosis and plans for parts refurbish/replacement.

industrial iot oil gas industryAt OTC2017, ANSYS staff (booth 4401) will be demonstrating the system and multidisciplinary engineering simulation software, in combination with predictive analytic tools to highlight how PHM is evolving in the oil and gas industry. Join us Monday – Wednesday 11:00 AM and 2:30 PM for presentations, demonstrations, and discussions about IIoT, Digital Twins and PHM.

We will be also discussing how the release of ANSYS 18 drives pervasive engineering simulation in the oil and gas industry. There are other regularly scheduled product presentations and demonstrations. Join us at OTC booth 4401 or visit ANSYS 18 Webinar Series to learn more.