Prometheus Group and SMEC have announced their global partnership which combines Prometheus Group’s leading edge enterprise asset management software with SMEC’s best-in-class asset management consulting group. The partnership initially will focus on the Oil and Gas industry and other asset intensive verticals.
Petroleum (oil and gas) accounted for 62% of primary energy consumed in Australia in 2013–14, and is expected to increase to 80% over the next 20 years. Industry revenue is expected to grow at a compound annual rate of 7.7% over the five years through 2014-15, to reach US$48.3 billion annually.
However, with 80% of Oil and Gas assets in the Asia Pacific region well past their optimum design life, asset owners and operators are being forced to implement major asset management improvement programs to minimise productivity downtime, increase production, and improve returns on investments.
Given the need for these major asset management programs, it is no wonder that Australian Oil and Gas industry is investing amounts that are greater than their profits. Since 1987–88, it is estimated that the Oil and Gas industry has spent more than twice as much on capital investment, as compared to profits. When it comes to increasing the life of assets, planning shutdowns and maintenance, real-time collaboration is a must. The Prometheus Group and SMEC partnership will provide not only the tools to improve asset performance but also the critical processes to drive dramatic and sustainable improvement in asset care.
Prometheus Group General Manager of Sales for Europe, Middle East, Africa and Asia-Pacific, Dr Bernhard Schwister, notes the possibilities that the partnership has to offer, “Our software has gained unprecedented acceptance in the marketplace because its ease of use, rapid implementation, and intuitive nature. By offering an integrated solution with SMEC, our customers gain a distinct competitive advantage through asset optimisation that is fullyrealised and effective.”
SMEC’s Chief Operating Officer for Asset Management in the Australian/Asia region, Thomas Hynes also believes this new partnership has much to offer the Oil and Gas sector specifically, “When Prometheus Group software is combined with SMEC’s integrated asset management solutions, sustainable and ongoing long-term operational improvements can be achieved, positively impacting both productivity and earnings. Our dedicated asset management function delivers solutions that balance risk, performance and cost. We experience a demand for solutions that can unlock and extend the value derived from the investment in SAP that has been made by many asset intensive enterprises. This partnership enables us to offer Prometheus Group’s SAP expertise to drive value for customers together.”
SMEC’s asset management services are complemented by extensive engineering expertise, allowing asset management solutions to be developed and incorporated into every stage of an oil and gas project’s lifecycle: planning, design, construction, commissioning, operations and maintenance and decommissioning phases.
Together, Prometheus Group and SMEC will identify and develop process improvement needs across an enterprise platform, improve production and asset reliability while enabling enterprise wide roll-out of standardised process improvements for the Oil and Gas sector throughout the Australia and Asia regions.
From 23 February to 3 March 2015, Prometheus Group and SMEC will debut their partnership in a roadshow throughout Brisbane, Melbourne, Perth, and Kuala Lumpur. The roadshows will provide attendees with the opportunity to discuss critical asset management issues including a follow up onsite visit by Prometheus Group and SMEC, at the attendee’s request.
Adapted from press release by Joe Green