Research shows digital twins, smart asset management drive cost savings

ABERDEEN -  A digital twinning and smart data asset management tool from Bureau Veritas can save between 9% and 15% on total decommissioning project costs, research has revealed.

Data from the company, which has been shared with the UK industry regulator the Oil and Gas Authority, shows the Veristar AIM3D system could save operators in excess of £2 million on project costs for assets with topsides of 10,000 tons, increasing to more than £8.5 million for assets with topsides up to 40,000 tons.

Veristar AIM3D, which was developed in partnership with Dassault Systèmes has revolutionized asset management, providing a true, as is, four-dimensional picture of an asset’s condition instantly, everywhere on any platform or device, at any time.

It combines a digital twin of any marine or offshore asset with smart data, allowing operators to make the right choices faster to improve efficiency, safety, integrity, performance, return on investment and carbon footprint reduction.

Providing a mirror image of an asset, the system improves work scope definition, proposal quality and execution efficiency while lowering costs. Increased visibility assists risk mitigation and safety with potential for reduced insurance premiums.

Bureau Veritas estimates savings from 9% to more than 30% can be made from a range of decommissioning activities including topsides and jacket removal, subsea infrastructure, facilities de-energising, operator costs, onshore recycling and site remediation and monitoring to deliver direct savings on total project costs.

The company has identified 54 North Sea assets with topsides of 10,000 tons - 40,000 tons that would benefit from using Veristar AIM3D   to gain direct savings in decommissioning. It has also identified 35 assets of fewer than 10,000 tons that would benefit in late life operations through to decommissioning phases.

Dawn Robertson, Global Business Development Manager said: “The importance of Veristar AIM3D in cutting maintenance costs, maintaining safety and performance and extending asset life is well established, but now we can quantify the benefits it brings to decommissioning.

“With decommissioning a hard cost on a balance sheet, the need for efficiencies and cost reduction is clear, as outlined in the Oil and Gas Authority’s Decommissioning Strategy. Our results indicate Veristar AIM3D could save millions of pounds on overall project costs and enable operators to make smarter, more cost effective choices.”