Knowledge is money, as data analytics looks set to drive changes in downstream energy. Earlier this year, energy industry leaders, such as ExxonMobil’s CEO, Russian and Saudi oil ministers, market forecast gurus, congregated at CERA Week 2017 in Houston. This potent mix of attendees resulted in a swirling maelstrom of industry predictions and thought-provoking discussions. Several energy CEOs have concurred that stepwise advances in operational excellence can be achieved via the adoption of data analytics. In doing so, companies can achieve up to 30% improvement in asset performance. This is because refineries enerate a wealth of data on equipment, maintenance frequency, unit performance process parameters and costs. An industry attendee from a large refinery shared that they are literally swimming in data at their key units but struggle to utilize the data.
Author Name: Ron Beck, Energy Industry Marketing Director and Sunil Patil, Business Consulting Director, APAC, AspenTech