Oil and Gas
Oil and Gas
With dwindling resources and the drive towards global Net Zero Emissions by 2050, oil and gas companies can’t rely on traditional fuel sources anymore. They have to diversify and explore low-emission and renewable fuels not just to be more profitable, but to shore up their reputation against the backdrop of global climate change and energy crisis. Digitalisation and data go hand in hand to revitalise their business models and leverage advanced technologies.
Challenges
- Not easy to acquire data, with long lead time for data creation and mass data changes
- Incorrect asset information has direct impact on reliability maintenance
- Data-related safety and compliance risks as automation and trustworthy data are required for maintenance programmes
- Difficult to initiate improvements like digital twins/transformation projects
- Outdated or incorrect characteristics, hence the need to incorporate industry standards
- Manual or incomplete handover of assets from engineering, procurement, and construction (EPC) contractors
- Data knowledge is limited to a few key persons
- Ineffective collaboration between Procurement and Inventory resulting in poor inventory turnaround and redundant stock
- Data integrity issues—no validation mechanism across different datasets
- Data preparation and cleansing for migration—resource constraints and no defined toolsets
Master Data Domains
Primary
- Spares
- Location
- Equipment
- Maintenance plans
- Tasks
- BOM
- Asset-related data sets
Others
- Supplier and Finance Data
How can MDO help
- Streamline master data request processes for asset-related data incorporating rules and SLAs, making use of online, mobile, and mass templates
- Audit trails and logs for all requests and changes
- Incorporate industry standards such as ISO14224 and PIDX for equipment (including sustainability components)
- Continuous data monitoring to guarantee quality and integrity
- EPC collaboration with operators and providing handover templates as guidance
- Spare Parts Standards following our pre-defined taxonomy for Oil and Gas
- Integrated process between Maintenance, Inventory, and Procurement to balance the right level of stocks based on criticality
Benefits and business case
- Data quality and governance become part of a larger transformation project, e.g., Migration or Mergers/Acquisition
- Master Data Management initiative to automate manual/semi-manual process and reduce headcount cost
- Industry compliance and standards for better collaboration
- Prerequisite for downstream initiatives for automation
- Enhanced supplier and EPC collaboration
- Improvement in catalogued purchasing and reduction of free-text spend
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