Subsea corrosion is a huge issue for the oil and gas industry. It causes significant damage to pipelines, platforms, and other infrastructure every year.
The true cost of this damage on an individual basis can be difficult to assess, as it can include any combination of physical damage, lost revenue, operational downtime, and replacement costs.
Overall, however, it's estimated that corrosion costs our nation $276 billion each year.
This accounts for 5 specific industries:
- Utilities - $47.9 billion
- Transportation - $29.7 billion
- Infrastructure - $22.6 billion
- Government - $20.1 billion
- Production and manufacturing - $17.6 billion
The subsea industry mainly falls into the production and manufacturing category; specifically, oil and gas exploration and production, petroleum refining, and chemical, petrochemical, and pharmaceutical services.
So, how much does subsea corrosion cost?
Let’s take a look at the direct and indirect costs.
Direct vs indirect costs
The price of subsea corrosion includes all the direct and indirect costs associated with mitigation.
Indirect costs are those not directly associated with corrosion, and direct costs are those directly associated with corrosion.
Direct costs include corrosion management, construction, design, and manufacturing costs. More specifically, operational losses and production time, corrosion-related maintenance and repairs, rehabilitation and refurbishment, material replacement, inventory and maintenance of backup parts, protection technologies, corrosion allowance, material selection, and more.
Additionally, subsea corrosion can have significant environmental impacts; for example, leakage of oil or other hazardous materials that could result from corroded infrastructure. These environmental costs can vary depending on the extent of the damage and necessary corrective measures.
Overall, subsea corrosion is a costly problem for our nation's oil and gas industry. Taking steps to prevent corrosion is not only in the best interest of individual businesses, but also helps protect our environment from further damage. By understanding the true cost of this problem, we can work together to pursue better solutions.
The costs of subsea corrosion are substantial, but there are ways to reduce the impact of this damage on our infrastructure. With proper maintenance and regular inspections, businesses can help mitigate their risk and keep operations running smoothly. In addition, using corrosion-resistant materials such as Mark Tool’s SplashTRON® and ThermoTRON® can help reduce the risk of corrosion and its associated costs.
Our protective subsea coatings provide the following benefits:
- Decreased energy costs,
- Extended equipment lifespan, resulting in increased production output,
- Decreased environmental harm,
- Increased equipment reliability,
- Greater personnel safety,
- Better performance,
- Enhanced product and service quality, and more.
It's essential that businesses invest in proactive solutions to prevent subsea corrosion and protect their infrastructure from unnecessary wear and tear. By taking a proactive approach, you can save money on repairs, lost production time, and environmental damage in the long run. Contact Mark Tool today to request a quote on your protective subsea coatings.