US defence giant Lockheed Martin has been commissioned to investigate how technology developed at NASA can unlock £1billion of savings in maintaining aging oil and gas assets.
The firm, which is the largest supplier to the Pentagon, will conduct a technology landscaping study looking at advances in process vessel inspection and managing corrosion under insulation (CUI).
This could bring the industry £1billion of revenue through improved production efficiency and cost savings, the firm said.
The project is the result of partnership working between the Technology Leadership Board, Oil & Gas UK, Oil & Gas Authority, Oil & Gas Innovation Centre (OGIC) and the Industry Technology Facilitator (ITF).
It will be led by French oil and gas firm Total and Amec Foster Wheeler with support from OGIC and ITF.
The UK oil and gas industry is challenged by a combination of rising production costs, falling oil prices and ageing facilities that require increasingly expensive maintenance.
The project seeks to ensure that inspection and maintenance is safer, quicker, easier and cheaper to carry out, which will translate into less production downtime in the UKCS.
SOURCE: Energy Voice
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