asset maintenance - Asset maintenance is the act of maximizing the life of an asset through the application of various software applications that are capable of monitoring an asset’s performance and determining when and what action should be taken to keep the asset at its optimum operating condition and minimize the probability of an unplanned failure and lost productivity. This involves such things as preventive and predictive maintenance. This approach is in contrast to reactive maintenance that relies on repairing an asset only when it fails.
asset performance management - asset performance management (APM) involves using such things as condition monitoring, predictive maintenance, and reliability-centered maintenance to improve the availability and reliability of physical assets, such as equipment, plants, and infrastructure. A robust APM strategy is designed to minimize business risk and maintenance costs by eliminating unplanned asset downtime. APM involves a connected and integrated enterprise-wide solution that includes tools and applications to help asset-intensive businesses achieve optimal performance at a sustainable cost.
asset tracking - asset tracking is the act of compiling information about an organization’s physical assets, such as location, status, condition, who is using what, when, and where, calibration and maintenance schedules, and requirements for new or upgraded equipment. Physical assets can include heavy machinery and equipment, vehicles, tools, and IT devices, among other things. The goal of asset tracking is to improve business efficiencies and save time and money. Assets are tracked using asset-tracking software or by a mobile app with scannable asset tags.
augmented reality - augmented reality (AR) is the superimposition of digital data, usually an image, onto real-world objects to enhance the user’s understanding of the real-world environment. Augmented reality applications enable engineers to tie contextual digital information within the AR program to an AR marker in the real world. When an AR web browser plug-in or computer application receives digital data from a known AR marker, it executes the marker’s code and layers the contextual information. Engineers can use AR in many ways, such as a 3-D visualization of a facility installation design onto a project site.
catalogue management - Catalogue management can form the basis for e-marketplace, e-procurement, supply chain management, and enterprise resource planning (ERP) in the sector. Challenges in effective design and implementation of digital catalogue management systems include design and modeling, translation, standardization, indexing, publishing, and version management.
cloud computing - Cloud computing is a method of delivering IT services where resources and data are retrieved from the Internet using web-based applications and tools, and not through a direct connection to a server. Cloud computing makes it possible to store files and data remotely from the workplace and reduces the need for a local storage device or computer hard drive. However, to access data in the cloud, a user must have access to the web. Cloud-computing technology enables employees in the oil and gas sector to work remotely and to analyze extensive amounts of data at a lower cost. Delfi is an example of a cutting-edge software system that utilizes cloud computing to coordinate oil well data. By analyzing how wells are designed, drilled, and configured for production, the software program can maximize output for an oilfield and dramatically cut down costs.
cloud storage - Cloud storage is a model of cloud computing that stores information on the Internet via a cloud service provider who operates and manages data storage. The cloud storage provider delivers just-in-time storage capacity on-demand to the client, which eliminates the need for the client to purchase and manage its own data infrastructure and storage. For companies in the oil and gas sector with large data storage requirements, cloud storage can provide agility, durability, and global scale, along with “anywhere, anytime” data access. Cloud storage can be purchased from third-party cloud vendors who can deliver it online as a “pay-as-you-go” model. The cloud storage vendor will manage the security, durability, and capacity to make data accessible to the company’s applications anywhere in the world. Many vendors also provide complementary services aimed at helping clients collect, secure, analyze, and manage data on a massive scale.
data capture - Data capture is the process of using a variety of sensors to collect relevant data that will later be processed and used for predetermined purposes. Data capture is a costly exercise, and planning will help ensure that the captured data is valid and supports reuse. Data capture tools must provide ways to organize and structure files, including data validation components that ensure captured data meets the required type and range. Data tools should allow data to be moved to the targeted destination quickly and with high quality. Oil and gas facilities typically have a large number of metering points with various departments within the organization using this data, including compliance with regulatory reporting requirements. It is important to collect data in a timely and accurate manner so that it may be cataloged and used in a larger data model
data-centric - A data-centric outlook is a core concept in digital project execution architecture where data is viewed as the most important and perpetual asset used in support of applications to produce deliverables. Within a data-centric architecture, the data model precedes the implementation of a given application and remains valid long after the application is gone. In a data-centric approach, data must drive the development of projects, designs, business decisions, and culture. The emergence of cloud computing and storage enables organizations to remotely access and analyze large databases in order to make more objective, risk-mitigating, and profitable decisions.
digital asset management - Digital asset management (DAM) is a business process to organize, store, and process digital information related to real-world assets. In the energy sector, DAM refers to organizations analyzing digital information about an asset to optimize performance, identify changing external and internal conditions, and to assess investment options through data aggregation and real-time monitoring. DAM involves the development of dedicated infrastructure, such as a technical data portal, that allows users to easily manage and preserve digital assets from any web-enabled device.
digital engineering environment - A digital engineering environment is the part of a digital project hub that encompasses the various software applications required for engineering tasks. Where under a traditional execution model, the work of engineering disciplines would be segregated and linear, a data-centric execution model requires near-live, cross-discipline collaboration to take place in a digital engineering environment. The environment also hosts any digital representations of the real-world assets recreated from data captured in the field.
digital project execution - Digital project execution (DPE) is a project management methodology that uses a data-centric approach to reduce project total-install-cost and improve the transfer of accurate information to operations teams. DPE requires a digital project hub to be set up during the project's design phase and maintained throughout construction, commissioning, and operations.
digital twin - A digital twin is a precise, virtual representation of a physical object system, process, or asset. Digital twins integrate machine learning, artificial intelligence, and data analytics to create digital model simulations that help to predict potential issues with their real-world counterparts. A common concept within the industrial internet of things (IoT), digital twins are used in the oil and gas industry to optimize operations and maintenance of production facilities. This helps oil and gas companies detect early signs of equipment failure and proactively respond, plan, and implement corrective maintenance actions at a considerably lower cost and safety risk.
digital verification - Digital verification is the process of determining that the output design meets the input criteria. Design applications are provided with input criteria, such as standards, that they will use to guide the design. This assures that the actual design meets the intended design.
digital warehouse - A digital warehouse, also called an enterprise data warehouse, is a system designed to support data collection, data analysis, and reporting. A core component of business intelligence, a digital warehouse is a central repository containing both historical and current data from multiple sources to support the creation of analytical reports. Raw data is uploaded from operational systems and stored in a staging database. The integration layer collates the disparate data sets and stores it in an operational data store (ODS) database where it is accessed for analysis.
digital workflow - The digital workflow involves the use of digital tools instead of paper-based manual systems to perform the tasks that comprise a business workflow (a repeatable set of sequential steps). A digital workflow can also involve the automation of the workflow.
digital workforce - A digitalized system enables workers to function through a digital platform by using automated tools, applications, and software solutions. Deloitte defines the digital workforce as “a phrase that has recently been coined to describe a variety of robotic and automated solutions for driving productivity efficiencies in the workplace” (Deloitte, Managing the digital workforce, 2017). The theme of a ‘digital workforce’ encompasses hybrid solutions based on machine learning and task bots.
Engineering Standards - Engineering standards are a set of rules and paradigms prescribed by organizations such as the American Petroleum Institute (API), the American Society of Mechanical Engineers (ASME), the Canadian Standards Association (CSA), the International Organization for Standardization (ISO), and many others. Standards and codes provide technical details and standard characteristics associated with engineering products, equipment, systems, materials, and processes. Adherence to engineering standards and codes in the oil and gas industry is crucial to ensure compliance with various safety norms as well as process consistency and equipment compatibility.
integrated engineering - The process of integrated engineering involves multiple engineering disciplines working in conjunction with other project disciplines to execute a capital project using digital tools within the digital execution architecture. This high degree of integration is one element leading to improvements in schedule and cost.
single source of truth - Single source of truth (SSOT) refers to the practice of structuring information models and associated data schema such that every data element is stored exactly once. Linkages to this data element are by reference only. Because all other locations of the data just reference back to the primary “source of truth” location. Any updates to the data element in the primary location propagate to the entire system without the possibility of a duplicate value somewhere being forgotten.
technical data portal - A technical data portal (also known as digital project hub) is a web-based application that allows users to organize, validate and collaborate on asset data and documents regardless of their source and location. All the project information from multiple systems is stored in one place where all project participants have access to it. Some applications can also link related information and can compare data.
total cost of ownership - The total cost of ownership refers to the total cost of owning an industrial asset throughout its full lifecycle, from design and construction through operations and decommissioning. Where TICrefers to the final cost of designing, fabricating and building a capital project or industrial asset. is project-based, the total cost of ownership, or TCO, is a long-term concept.
total installation cost - The total installed cost refers to the final cost of designing, fabricating and building a capital project or industrial asset. Various phases or components of a capital project are assigned a value based on a percentage of the total installation cost or TIC. For example, engineering may account for 10% of TIC.
verifiable audit - A verifiable audit is a means of creating an audit trail on electronic records to prove compliance and to ensure information accuracy. This process involves tracking document versions (versioning) and determining the provenance of a document to create an audit trail.