Learn how we helped a Canadian-based energy company optimize their turnaround cycles for a savings amount of CAD 7 million.
Amidst the current challenging economic environment (sinking crude oil prices), Canada is facing extreme business complications due to its sliding currency value. This declining value in its dollar is causing Canadian businesses to shrink capital budgets and spending. Now, more than ever, companies are looking for ways to maximize return on investment from ongoing and future projects.
Pinnacle’s client, a Canadian oil and gas company, is facing serious challenges in the current market conditions. In response to an economic downturn, this company identified the need to implement an advanced asset integrity program focusing on safety, efficiency and overall cost optimization, as its current program placed a known and significant drain on financial resources. A more advanced and strategic program would give the company the tools it needed to utilize its available resources efficiently.
Pinnacle was chosen as a third-party vendor to develop RBI plans for a large gas plant in Western Alberta. Pinnacle delivered a customized solution, utilizing an industry standard approach and software package, based on the client’s specific needs. As part of the project workflow, Pinnacle assessed factors such as age, design, and duty for each piece of equipment, in order to arrive at a semi quantitative risk level. Assets were then ranked by their level of risk to create a prioritized inspection plan. Pinnacle was therefore able to advise where and when to focus inspection efforts, as well as the appropriate inspection methods to utilize in order to accurately detect damage.
By utilizing Pinnacle’s services and expertise, the company achieved its goal of an optimized inspection plan, resulting in significant return on investments. In addition to cost savings, the company experiences a safer environment and improved compliance. The client now enjoys the following business benefits:
Overall, Pinnacle’s efforts have enabled the customer to achieve its integrity, safety, and compliance goals, resulting in an efficient long term strategy to significantly enhance return on investment.