This paper shows how the ISO 14224 standard, enterprise resource planning (ERP) software, and Big Data Analytics can be used to optimize safety and profitability in oil and gas, renewable energy, and in other asset-intensive industries. It also presents a logical approach for prioritizing application of digital capabilities for assets (e.g. equipment, systems and installations).
ISO 14224 promulgates a standard data structure for collection and exchange of reliability and maintenance data for equipment. This data structure also can be used effectively to document failure scenarios for operating facilities. When equipment reliability and maintenance (RM) data and failure scenarios are recorded as relational data in ERP software, they can be combined with other enterprise data and digital field data to give a real-time status for each risk control. Individual scenario risk can then be easily aggregated to present real-time risk status for global operations or any subset thereof. This helps companies set priorities based on their bottom-line: HSE, production throughput, and profitability.
Operating and producing companies have already completed risk assessments as part of operational preparedness/readiness for new facilities, in which equipment and system failure scenarios are included in various ways. These risk datasets typically require reformatting to make them relational, which is done by explicitly identifying equipment and risk control measures by their unique identifiers and by defining evaluation criteria for risk control measures. ERP data need to be made object-specific, e.g. inspection results and malfunction data should be recorded explicitly by technical tag. Reliability and Maintenance data quality management practices are a key consideration.
Additional topics pertaining to compliant use of ISO 14224 standards for risk management include its roles in (1) technology development and technology qualification, (2) improving design and condition monitoring for equipment by use of operational and failure data, with an example given for electric submersible pump (ESP) systems, and (3) improving equipment RM data quality and thus enabling better risk awareness and data-driven decision-making.
This paper will show how the international standard ISO 14224 can be applied in conjunction with digital technology and enterprise software to give oil and gas companies a global real real-time view of operational risk and a risk-based approach to optimizing safety and profitability.