Digital twins are rapidly gaining industry recognition for their game-changing capacity to elevate operational excellence to the next level.
Digital twin technology has come a long way over the past decade. The advent of cloud platforms, cutting-edge analytics and increased computing power combined with greater clarity on how to utilize these innovations has accelerated the adoption of digital twin technology in the oil and gas industry. As the technology continues to advance, so too does the potential for digital twin technology to generate millions in additional revenue for operators through improved field design, more streamlined processes and greater operating efficiency.
Information management is one of the biggest challenges oil and gas operators face in achieving operational excellence. Poor asset information management during operations can result in increased waste in maintenance and operation budgets, increased consumption of resources to keep assets operational, and missed opportunities for incremental improvements.
Having a cloud-based digital twin is the easiest and most efficient way to gather, secure and centralize information in a way that allows asset teams to access project information at any time and from any location. The twin essentially acts as a real-time information management system and gateway that is up to date with key critical operational and asset data throughout its entire lifecycle.
Twinning supports collaboration and decision making all the way up the ladder
With a centralized platform data from disparate resources, including third party sources, can be pulled, validated for accuracy and housed within the twin. Not only will this create a single thread of digital truth it will also ensure asset teams have the most comprehensive and detailed understanding of the field environment, state of existing assets, and the asset’s potential operational capacity.
This level of detail and accuracy provided by a digital twin allows for better planning during the FEED stage (front-end engineering and design), thereby reducing unexpected costs, better allocation of budget, and fewer revisions.
The accessible nature of cloud-based digital twin platforms enables data to be shared and updated in real-time across multiple departments. From engineering, procurement, contraction, commission through to operations, the twin helps to break down data silos, supports better planning, collaboration and communication, and ensures everyone is working from a common dataset.
This more holistic and collaborative approach ensures that projects are more streamlined, work gets done more quickly, better quality decisions are made, and that no information is lost along the way. Inclusive data sharing will help ease information bottlenecks and ensure that key executives have the information they need to make evidence-based operating decisions that impact the bottom line.
Keep assets working better for longer with real-time monitoring
Whether a brownfield or new asset, the digital twin continuously consumes, analyzes and updates information automatically, providing operators with a real-time view of the health of their facilities.
Users can use the tagged meta-data stored in the digital twin to search and easily find a particular asset and see how it’s functioning; a traditionally time-consuming process that would often lead to critical issues being missed, potentially causing failure or production outages.
The twin enables operators to be more proactive rather than reactive when it comes to identifying pain points and troubleshooting issues. Being proactive towards asset operation and maintenance reduces downtime, minimizes impact on production, and reduces the risk of a catastrophic failure that could result in billions of lost revenues. In addition, this approach will enhance production and extend asset lifecycle by identifying opportunities for ongoing incremental improvements.
FutureOn provides a single real-time data interface
FutureOn’s software provides users with a single integrated interface to access all asset data, negating the need for multiple platforms and consolidating all project information into one easy to access online space. Our digital twin technology provides our users with a framework that supports operational excellence through a model-focused approach that can transform vast amounts of data into actionable insights that drive value to the business.
With its intuitive design and powerful 3D visualization tools, our platforms make it easier for businesses to identify hidden revenue opportunities, predict pitfalls, and continuously improve in an ever-changing and competitive marketplace. If anything, the past year has demonstrated just how important cloud-based tools, like digital twin technology, is to business continuity and resilience.
Oil and gas companies cannot afford to take a wait-and-see approach when it comes to managing and improving their assets. Instead they need to be always looking for ways to do things better with less capital, which is why a real-time digital twin is rapidly becoming an essential tool all operators should be investing in.
To find out more about how FutureOn’s cloud-based digital twin solutions can support your company in achieving its performance and production goals or for enquiries about partnership opportunities please contact us or book a demo.