Oil and gas decision-makers are coming under increasing pressure to reduce asset downtime, according to new research.

As part of Lloyd's Register Energy's Technology Radar research programme, the survey of oil and gas decision-makers was commissioned to mark the launch of its new software solution Axxim, which offers the next generation in asset management optimisation.

Almost two thirds (63%) of those polled said pressure to reduce asset downtime has increased in the last year. Asset costs are also a major concern for oil and gas industry decision-makers with almost half (49%) reporting that asset integrity savings are more important than they were 12 months ago.

Axxim has been developed in response to these operational challenges. It provides upstream and downstream oil and gas operators, chemical, power and other asset-intensive industries, with a single resource to identify critical assets, increase equipment reliability and uptime by at least 20%, reduce failure risk by 80%, and determine optimum approach to inspection and maintenance that can achieve costs savings of up to 50%.

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