Unplanned downtime continues to plague the oil and gas industry. The offshore sector, in particular, has been saddled with unnecessarily high costs and exposed to unnecessary risks as a result. This was made clear in a study by Kimberlite, an international oil and gas market research and analytics company, in Summer 2016. And the problem is only going to get worse as budget cuts, aging assets, and the loss of industry experience take their toll.
There is a solution. Digitization enables offshore operators to reduce unplanned downtime while simultaneously reducing risks. This paper discusses the Kimberlite data and provides a set of recommendations for moving forward.