TECH Byte: Predictive Analysis of Oil Well Maintenance in the Oil & Gas Industry
- Starts: 2:30 pm on Wednesday, March 1, 2023
The current competitive market condition in the oil and gas industry is so concentrated on companies’ budgets that they require methods to extract oil from wells at the lowest possible cost. All pumping units, new or old, require regular preventive maintenance and constant inspection. With 90 percent of total oil production coming from sucker rod pumps, the cost of diagnostics must be reduced accordingly. The use of predictive diagnostics can help to detect equipment problems early, thereby minimizing unplanned downtime. Unplanned sudden oil well failures increase the company’s operating costs, as well as increase risks of environmental pollution.