Our own Chet Mroz (General Manager, eSimulation, Inc.) will be facilitating a roundtable discussion on the optimization of the Midstream business at the 2019 Future Midstream Automation Summit on February 19, in Houston, TX.
Discussion topics will include:
- Optimization definition and midstream applications
- Optimization methods and software used (in maintenance and commercial/business functions)
- IIoT, Industrie 4.0, Digitization, Digitalization and Digital Transformation (in operations, engineering, maintenance, business and IT functions)
- Experiences with real-time optimization in the Midstream business
In the Energy and Chemical industry, there are many complex optimization decisions to be made due to the vast number of variables that can be controlled and the large quantity of disturbances and constraints. Identifying the true variables and constraints is in itself a deep art. Correlation-based models are used for optimization when accuracy is not as important as feasibility. While LP planning tools do not represent the plant accurately, they have been the planning tool of choice for decades because they make the planning problem easy to formulate and solve; inventory is used to make up for inaccuracies in their conclusions. However, sloppiness in accuracy comes at a cost – the actual optimum solution is likely worth a lot more – yields will be better, energy consumption lower and required inventory holdings will be decreased. Again, rigorous models used for optimization will find the best answer.
Join the roundtable discussion as we discuss which optimization practices should be implemented for the best economic outcome.