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UK Hub Aims to Save Oil and Gas Industry £250 million a Year

Published in Oil Industry News on Friday, 5 April 2019


Graphic for News Item: UK Hub Aims to Save Oil and Gas Industry £250 million a Year

The UK Hub Digital Data Exchange, an initiative backed by North Sea businesses, is promising to potentially save the UK oil and gas sector £250 million a year by transforming procurement processes.

The system, being previewed in Aberdeen this month, is designed to transform supplier equipment information management for the oil and gas industry.

Backed by North Sea majors, the UK Hub Digital Data Exchange has also received financial backing from the Oil and Gas Technology Centre (OGTC), a not-for-profit, industry-led R&D organisation based in Aberdeen.

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The hub said that UK Continental Shelf (UKCS) operating companies annually hire or purchase an estimated 700,000 parts for oil and gas facilities, with each transaction involving multiple requests and exchanges of technical information.

Requirements vary between companies, resulting in suppliers having to create several versions of equipment technical information for different operators.

A study by one North Sea operator showed that a lack of equipment information led to an average procurement transaction of three manhours - a transaction which could be performed in minutes if all the information was readily accessible.

The study also revealed a significant volume of duplicated information leading to unnecessary procurement of material for stock.

The UK Hub aims to digitally transform the industry’s procurement process and become the single, online source of technical equipment information,

Sharecat Solutions is leading the technical development of the software.

Brian Imray, vice president of Sharecat Solutions, and a director of the UK Hub, said: “The UK Hub Digital Data Exchange is the result of over two years of effort from all the participating companies and engagement with all levels of the supply chain.

“The concept stems from a cost sustainability study that clearly showed collaboration and standardisation were key to future-proofing the life of the UK oil and gas industry.

“The potential to create business efficiencies is enormous, by avoiding costly and time-consuming duplication of effort across projects. One operator alone reported proven annual benefits of approximately £60 million.”

Source: www.insider.co.uk

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Tags

North Sea Oil and Gas, Norwegian Oil and Gas, Aberdeen Oil and Gas, Oil and Gas News








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