A Comprehensive RAM Analysis Tool Using Monte Carlo Simulations for the Oil and Gas Sector: Application and Comparison

Ensuring the availability and reliability of complex systems, such as those in the oil and gas industry, is critical for operational efficiency and safety. Traditional analysis methods often struggle to account for the variability and uncertainty inherent in failure and repair processes, leading to suboptimal maintenance strategies. This paper introduces a Monte Carlo Simulation (MCS) tool for analyzing Reliability, Availability, and Maintainability (RAM). The tool accommodates various probability distributions and calculates key performance indicators such as availability, reliability, maintainability, and confidence intervals. Applied to a CO₂ separation plant case study, the results demonstrate the tool's enhanced capability to capture a broader range of performance metrics compared to traditional analytical methods.