Strategic asset management in LNG Plants: A holistic approach to long-term planning, rejuvenation, and sustainability
DOI:
https://doi.org/10.51594/gjabr.v2i6.58Abstract
The liquefied natural gas (LNG) industry plays a vital role in the global energy landscape, balancing growing energy demands with the imperative of reducing environmental impacts. However, the sector faces significant challenges, including aging infrastructure, the need for operational efficiency, and adherence to sustainability goals. This paper explores the role of strategic asset management (SAM) as a holistic solution for optimizing LNG plant operations. It introduces a comprehensive framework that integrates organizational, financial, and technical strategies, emphasizing long-term planning, rejuvenation, and sustainability. Key strategies, such as predictive maintenance, digital twins, and risk-based inspection methods, are discussed for their effectiveness in extending asset lifecycles and minimizing downtime. Furthermore, the paper underscores the importance of environmental, social, and governance (ESG) factors, renewable energy integration, and resilience planning in addressing climate risks and market volatility. Concluding with actionable recommendations, this paper provides a roadmap for stakeholders to adopt SAM practices, ensuring sustainable, resilient, and competitive LNG operations.
Keywords: Liquefied Natural Gas, Strategic Asset Management, Sustainability, Predictive Maintenance, Digital Twin Technology, Resilience Planning.
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Copyright (c) 2024 Excel Theophilus Ukpohor, Yetunde Adenike Adebayo, Ikiomoworio Nicholas Dienagha
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