EP Petroecuador enhanced their asset monitoring practices to reduce costs
EP Petroecuador implemented a new monitoring method to help reduce the conservation of its assets
EP Petroecuador is an Ecuadorian state-owned oil company engaged in all aspects of crude oil business, domestically and internationally. In an effort to transform the patchwork structure, which obstructed the company from gaining a large-scale insight to make better asset management decisions, the business implemented a comprehensive solution that helped technicians better monitor asset classes, such as pipes, pumps and valves and therefore predict specific failures. This new method could result in the reduction of costs and frequency of pipeline shutdowns.
EP Petroecuador is an Ecuadorian company engaging in the many phases of crude oil domestically and internationally
This state-owned oil company in South America is engaged in the exploration, production, storage, refining and retailing of crude oil, both domestically and internationally. The company’s marketing network includes 148 service stations located throughout the country. The organization also refines various petrochemicals. The company’s subsidiaries focus on exploration and extraction, refinery operations and transportation and marketing of refined products to the country’s domestic market.
The company was made up of a miscellany of operations that hindered it from seeing effective and cost-saving practices
As part of a broad transformation effort, this oil company sought to introduce more efficient and cost-effective asset management practices. Assembled from multiple operations over the years, the company had a patchwork of systems and processes that prevented it from gaining the large-scale insights needed to make informed, proactive asset management decisions.
Implementation of monitoring practices allows for better prediction of assets’ function and failure
The organization’s comprehensive new solution helps technicians analyze failure patterns across specific asset classes, such as pipes, pumps and valves. They can then better predict where and when to replace parts before they fail, based on monitored asset usage level or condition.
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Overall, asset management practices could result in company wide reduction of maintenance costs
The client expects the solution to reduce overall pipeline and refinery operating costs by more than 1 percent, through a combination of reduced parts purchasing and inventory costs from predictive asset maintenance practices, logistics optimization from minimizing emergency parts shipments, and increased productivity from streamlined and standardized processes. By using predictive analytics and condition-based monitoring, the company expects to reduce the frequency and duration of pipeline and refinery shutdowns significantly
“Having broader, deeper and more analytical insights into our pipeline and refinery infrastructure will provide the basis for optimization across all phases of our asset management processes, a central aim of our transformation strategy.”