The process technology markets in the oil and gas and petrochemical industries are currently looking back on a few difficult years. The rapid and sustained price erosion in the market for crude oil has stepped up the cost pressure dramatically in the areas of extraction and transport. This may be good news for oil consumers, but it’s increasingly developing into a problem for technology suppliers in this sector because necessary investments are being delayed and
no one can predict accurately when the trend will be reversed.
Although the trading price of oil has fallen below fifty dollars again, American exploration companies are expanding their capacities relentlessly. These specialised firms are desperately trying to reduce their costs to enable them to continue operating economically despite the low oil prices. At the same time, efficiency and safety are key priorities when planning a new petrochemical plant. Forward-looking solutions are called for here – some of which are described in this special “Oil & Gas, Petrochemical Industry” issue.
Functional safety is especially important in the petrochemical industry. International standards such as IEC 61508 and IEC 61511 are particularly relevant for process plants. The basic idea is that the potential risks posed by a process facility for people and the environment are evaluated prior to the actual design phase. Choosing the right components for safety instrumented systems is vital for
effective risk reduction in hazardous applications. Our cover story on page 8 describes the specific requirements that electric actuators must fulfil within these systems.
Günter Eckhardt, Editor-in-Chief
