Failure is not an option in high-risk oil and gas industry. Any corrosion event can result in failure that can be catastrophic. Corrosion in this industry affects safety, environment, and finance. Therefore, it is paramount to understand causes of corrosion, assess and predict corrosion, find
out mitigation measures, monitor and inspect damage due to corrosion, and develop corrosion management strategies. Corrosion has a major economic impact on industry and the wider community. Governments and organisations spend billions of dollars every year mitigating and repairing corrosion damage. The challenges faced by the oil and gas and processing industries is to protect the materials from the aggressive effects of operating conditions. Corrosion costs around 3% of GDP per year due to materials degradation, product and production loss, and associated damages. It is further estimated that 20% and 40% of the cost is avoidable using existing knowledge and technology. The benefits of available knowledge to control and manage corrosion can be reaped if it is shared and discussed at an appropriate forum.
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Corrosion is considered as one of the significant problems for most of the industrialized countries. Before designing any industry, the effect of corrosion on the equipment and its surrounding always deserve to be a considerable issue. The oil companies all over the world to mitigate this corrosion problem have expensed a lot of money. Nevertheless, disasters such as casualties, economic losses, and environmental side effects triggered by corrosion, still happen quite often. Corrosion can cause severe failures in boiler tanks, pressure basins, blades of motors/turbines, harmful/ aggressive chemical containers, airplane parts, automotive routing devices, and bridges.
Furthermore, the losses caused by corrosion are not only limited to metals but also extend to water, energy, and the manufacturing phase of the metal frames. NACE international conducted a global study on corrosion costs and preventative strategies, which was utilized in the World Bank economic sector and global Gross Domestic Product (GDP) data to relate the cost of corrosion. This study showed that the estimated global cost of corrosion was approximately 3.4% of the GDP. To address the economic sectors across the world, World Bank divided the global economy into economic regions with similar economy categories and presented
|Agriculture||Industry||Services||Total||Total GDP||% GDP|
|Four Asian Tigers Plus Macau||1.5||29.9||27.3||58.6||2,302||2.5|
|Rest of the World||52.4||382.5||117.6||552.5||16,057||3.4|