A top 4 Oil & Gas producer was looking for a software solution that could capture real-time data from mission critical oil pumps to improve reliability and ultimately, increase production.
The oil producer could not scale their existing legacy relational, condition-based monitoring systems cost effectively to monitor thousands of electrical down-hole pumps. The pumps are critical assets in the extraction of oil from reservoirs and any impact on performance will result in lost production and potential safety issues.
QiO Foresight Maintenance™ was used to ingest over 19 million records, with 985 analytic models. Predictive analytics were applied to determine ‘As Designed’ performance to ‘As Operated’ for Temperature, bearing failure, pump malfunction, motor damage and motor leakage.
In less than 3 months, the client recorded a 4x improvement in data processing times and a 45% reduction in IT cost. In addition, the predictive analytics helped to mitigate an estimated $500,000 per hour per pump in revenue losses from unplanned downtime.