Unleashing the Power: AI-Driven Asset Performance in the Oil and Gas Industry

Webinar Summary

Unplanned downtime averages $38 million annually for O&G organizations, with the worst performers losing over $88 million annually in offshore operations alone. Factors including geopolitical issues, supply chain interruptions, and net-zero commitments further emphasize the need to manage performance.

Aging assets, complex operations, and data are some of the top challenges contributing to downtimes.

• Companies experience an average of 27 days of unplanned downtime
• The average cost of unplanned downtime is $250,000 per hour
• 60% of operators cited dealing with data outcomes as a significant challenge

Traditional performance management methods, such as condition-based monitoring and physics-based models, come up short when managing downtime. This approach typically results in an overwhelming number of alarms that are ignored by operators. Artificial intelligence (AI) can significantly reduce false alarms and alarm volume, focusing operator attention on what is truly actionable. For organizations adopting this approach, research has shown that unplanned downtime costs are 36% lower than those that don’t.

About the Speakers

Andrea Schmidt

Andrea Schmidt is the Director of Solution Architecture for SparkCognition, a leading Industrial AI company. She and her team help businesses adopt Data Science and Machine Learning capabilities to operations, maintenance, and safety-minded organizations across the oil & gas, energy, and manufacturing sectors. With a background in Industrial Engineering and Data Science, she values the efficiency that can be gained by automation in the workplace and advocates for human-centered design and applying deliberate thoughtfulness to the impact that AI technology solutions bring to our every-day professional lives. In her free time you can find her road cycling in the hills of Austin, TX.

Jim Eskew

Jim Eskew oversees strategy for SparkCognition’s product lines dedicated to helping large operators and manufacturers adopt AI to improve production, increase asset availability, and bolster safe operations. Jim joined SparkCognition in 2017 as Director of Data Science, leading innovation and product implementation within key accounts. Before that, he led multiple initiatives to shape go-to-market and technology strategies for large enterprises at Dell Technologies and Accenture. He has authored multiple patents related to techniques for interpreting asset health risks for critical industrial operations. Jim holds an MBA from Harvard Business School and an Industrial Engineering B.S. from Purdue University.

Watch It Now

Unleashing the Power: AI-Driven Asset Performance in the Oil and Gas Industry is available on demand. Join SparkCognition’s Andrea Schmidt and Jim Eskew and learn how AI’s real-time insights into your process can dramatically impact equipment health, reduce maintenance costs, and increase bottom-line performance.