KBC (A Yokogawa Company) announces the release of Petro-SIM 7.1 digital twin technology. This release extends Petro-SIM’s scope of application, improves usability and expands its digital capabilities as an end-to-end integrated asset model for production management, asset performance management, and supply chain optimization.
The Oil & Gas and Chemical industries spend almost USD 1 billion annually on process simulation and optimization software. However, much of this money is wasted on models which are abandoned, inaccurate, replicated in other parts of the organization, or not transferred from one project phase to the next. These issues are pervasive across engineering, as well as operations phases of projects.
Petro-SIM helps solve this problem through the concept of ‘One Model, Many Uses’, with application across design, debottlenecking, operations, maintenance, and supply chain optimization activities. It enables transfer of information from the engineering design phase of projects into usable data-driven insights for daily operations. This allows project developers and operators across a variety of sectors to enhance the value and extend the life of their simulation models:
“Models built using Petro-SIM in any of these industries can be used to validate licensor designs and be kept up to date by design or operations engineers, or be automatically updated when linked with an asset’s real time plant information management system,” commented Russell Byfield, KBC Global Simulation Business Leader. “Once operationalized with real-time production data, the simulation models become powerful digital twins delivering real-time insight for enhanced safety, reliability and profitability. Through this, our vision of ‘One Model, Many Uses’ is truly realized.”
Petro-SIM 7.1 is available now. Contact us to find out more.