In the Oil and Gas world, any production equipment (big or small); from pumps, compressors, complete oil production units to cracking units used in refining plays a critical role in the value chain. Any downtime of this equipment can have a huge impact on production and therefore needs to be minimized.
While preventative maintenance is a step forward from the traditional practice of reactive maintenance, it is by no means the most efficient or cost effective system for the current climate in the oil and gas industry.
Companies should therefore move towards a system of financial risk optimized maintenance. This ensures maintenance is carried out at the most opportune moment possible, ensuring the equipment's performance and reducing unnecessary maintenance.