With rising crude prices, oil producers will invest heavily in asset integrity, process automation, cost savings, environment, health, safety and operational excellence to boost productivity and attain operational excellence.
Asset Integrity Management
- Global asset integrity management market size is expected to grow at a compound annual growth rate (CAGR) of 4.9 percent from US$20.3 billion in 2021 to US$25.7 billion by 2026, according to Markets and Markets;
- The oil price recovery in 2021 pushed the hydrocarbon revenue of the oil-exporting Gulf countries by 47.51 percent to US$326 billion in 2021, up from US$221 billion in 2020;
- At an average price of US$80 per barrel, the anticipated global oil production of 100 million barrels per day is expected to push the oil revenue to US$8 billion per day, or US$2.92 trillion per annum;
- The global inspection, repair and maintenance market size has been growing at a CAGR of 7.9 percent from US$40.25 billion in 2021 to US$42.66 billion in 2022 and is expected to reach US$72.46 billion by 2029.
Dubai, UAE: More than 20 speakers will discuss issues relating to asset performance and present 20 case studies at the Asset Integrity Management Summit – focusing mainly on the crucial oil, gas, power and energy sectors – that will take place in Muscat, Oman, 30th August 2022.
Asset Integrity Management Summit, which focuses on Oman, UAE and Saudi Arabia, takes place at a time when the value of the global asset integrity management market size is expected to grow at a compound annual growth rate (CAGR) of 4.9 percent from US$20.3 billion in 2021 to US$25.7 billion by 2026, according to Markets and Markets.
The oil price recovery in 2021 pushed the hydrocarbon revenue of the oil-exporting Gulf countries by 47.51 percent to US$326 billion in 2021, up from US$221 billion in 2020, according to the Institute of International Finance (IIF).
“At an average price of US$80 per barrel, the anticipated global oil production of 100 million barrels per day is expected to push the oil revenue to US$8 billion per day, or US$2.92 trillion per annum. The efficiency and performance of such a huge industry that fuels global economic growth, depends largely on the asset integrity and performance management, which will come up for discussion at the Asset Integrity Management Summit in Oman,” Nizam Deen, Founder and Chief Executive Officer of CS Events – organizers of the Asset Integrity Management Summit, says.
“Most large players in the oil, gas, energy, petrochemicals, power and utility sector are currently looking at ways to deploy the next generation technology powered by Artificial Intelligence and Internet of Things, to increase efficiency and effectiveness of the industrial assets and process. Technology is also deployed to reduce costs. Most players such as Saudi Aramco, Adnoc and Oman’s Petroleum Development of Oman (PDO) have increased cost efficiency by investing in new technology and process solutions.
“Industry officials at the two-day Asset Integrity Management Summit, will share new ideas, systems and solutions so that others could benefit from their shared experiences. CS Events invites industry experts to register for this important event.”
The two-day specialized industry event will be attended by more than 150 professionals and industry leaders from 100 companies, supported by the Government of Sultanate of Oman and Petroleum Development of Oman (PDO) – the leading producer of oil and gas in Oman. The summit will focus on asset integrity and performance in Oil and Gas, Petrochemicals, Power, Energy, Utility, Process Manufacturing, Chemicals, Heavy Engineering, Industrial Maintenance, etc., which are very crucial for a country’s economy.
Oman has increased its oil production to 1.04 million barrels per day (bpd) in January 2022, up from 957,000 bpd in 2021. Of the 1.04 million bpd, the majority of Oman’s oil or 680,000 bpd, is produced by PDO, which has strengthened its asset integrity over the last few years.
PDO, which is 60 percent owned by the Government of Oman, operates 205 producing oil fields, 64 gas fields, 29 production stations, more than 8,400 active wells, more than 33,000 kilometres of pipelines and flowlines and 231 operating units in its well engineering fleet, including 49 rigs and 39 hoists.
At the end of 2020, PDO had 8,943 staff and over 70,000 contracting employees; a combined workforce made up of over 60 nationalities.
In 2020, more than US$400 million in costs were avoided within PDO through its Lean Continuous Improvement transformation – that reflects how asset integrity could help countries, companies, and industries save costs and strengthen efficiency.
The Lean Continuous Improvement transformation has also enabled PDO to stay on the course while at the same time challenging costs in response to the continuing pressures placed on the business by the volatile oil price environment. In 2020, its teams proposed an impressive 8,000 improvement ideas.
“This is a great example of how oil and gas producers could attain operational excellence by optimizing cost savings through structured asset integrity and performance management – that will be discussed at the Asset Integrity Management Summit in Muscat,” Nizam Deen says.
“In 2020, PDO, for example, made good progress in a number of areas of environmental performance, with falls in the number of Greenhouse Gas discharges, spills per million tonnes of oil production and total waste generated, a 30 percent drop in the volume of gas flared and a halving of Tier-1 process safety incidents.
“The Asset Integrity and Process Safety Management programme that was launched in 2018 has progressed well. The first goal to increase compliance via mandatory process safety fundamentals has reached a high stage of maturity across Wells, Operations and Engineering work streams. Meanwhile, Petroleum Engineering also embarked on its own AI-PS journey, with dedicated resources and their own specific process safety fundamentals.”
The global inspection, repair and maintenance market size has been growing at a CAGR of 7.9 percent from US$40.25 billion in 2021 to US$42.66 billion in 2022 and is expected to reach US$72.46 billion by 2029, according to Fortune Business Insights. The Oil and Gas industry represents 21.6 percent of this sector.
Asset integrity management is the practice of managing an asset, such as a power plant, oil rig, refinery, etc., to ensure its ability to perform its function efficiently with an extended life cycle. Well-run asset integrity strategies ensure that the people, systems, processes and resources that enable an asset to deliver its function are in place over the asset’s life cycle while simultaneously maintaining health and safety and environmental legislation. Asset integrity management applies to the entirety of an asset’s operation, from its design phase to its decommissioning and replacement.
Asset integrity and maintenance are of critical importance to ensure continued production and to aid in ensuring a safe working environment. It is crucial to manage industrial assets effectively to achieve operational excellence and long-term profitability while ensuring reliability, integrity, and safety of the assets and the smooth operation of the plant without any failures, leaks, accidents, and unplanned shutdowns.
Asset Integrity Management is an annual event bringing together the brightest minds and experts in Asset Management, Operations, Inspection, Maintenance, Certification and HSE.
Asset Integrity Management Summit will showcase some of the best Asset Management innovative projects, products, business ideas and technologies, presented by some of the most advanced and innovative organizations in countries like UAE, Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, revealed some of the business challenges of Asset Integrity Management.
While several organizations are relentlessly trying to get this right, the Asset Integrity Management Summit aims to deep dive through the Asset Management issues and help the top entities in the region identify credible solutions to embrace Asset Integrity Management to improve Decision-Making, Increase Life Span, Raise Productivity, make Better Predictions, Monitor performance, Gain competitive advantage and more.
Summit is well equipped with Panel Discussions, Keynote Talks, Workshops and Interactive sessions.
About Cogent Solutions Event Management (CS Events)
A leading “customer centric event management company” founded on the belief of getting the right information to the right people at the right time – through business conferences.
Organizing customer-centric high-quality conferences and boardrooms that solves immediate market problems providing total control to our customers and clients is the reason why we exist, “we are Cogent Solutions Event Management” we challenge the status quo and aim to organize the best events in the industry.
Established in April 2020, CS Events has emerged as one of the most successful corporate events management companies in the UAE, working with top government entities and multinational private companies. Thanks to their unique belief in “challenging the status quo” and “truly putting customers first” approach.
Since its inception with a single employee, CS Events has grown from strength to strength due to the company’s in-depth knowledge of the industry, ability to understand clients’ needs and specifically create conferences and executive boardrooms that solve immediate market problems. It currently has a team of 17 professionals while it is looking for more professionals to expand its business.
Its team of highly experienced industry professionals create distinctive and targeted virtual, hybrid and physical conferences for businesses to communicate their value message to a prequalified and focused audience. Its ‘Crowd Connect’ conferences give businesses unique access to any market, industry and senior decision makers anywhere in the world with no limitation of access.