Fuel accountability is a global problem. Nigeria suffers fuel-related shortfalls estimated at $1.5 billion per month, and nearly 30% of the country’s yearly fuel production is considered unaccounted for. Demand for precisely measured, securely tracked marine fuel data is growing across West Africa.
Major International Oil Companies (IOCs) chartering vessels require an electronic fuel monitoring system that measures fuel accurately and delivers immediate transparency in reporting. Fueltrax uses Coriolis mass flowmeters to measure fuel directly and automatically alert any inconsistencies. The system is closed-loop and inclusive of 100% fuel data transfer, making installation straightforward. Fueltrax connects owners and operators to their fuel data in real-time, whatever their location, and ensures compliance with regulations, regardless of fuel or engine type. In 2018, Fueltrax was operating on over 100 vessels in the region, a figure that doubled in one year.
With Fueltrax installed onboard, stakeholders receive transparent fuel consumption reporting. Raw data measured from Coriolis mass flowmeters is converted to detailed fuel consumption and bunkering reports. GPS location finders track where activities occur, aiding shore-based review and validating fuel activity decision-making. As operational data accumulates across the fleet, performance outliers are quickly identified, enabling corrective investigation and action.
Charterers and operators implementing Fueltrax across their entire fleet report improved operating efficiencies and reduced fuel consumption by over 10%.
Key fuel details such as mass, volume, and temperature are recorded on customized Fueltrax bunker tickets and printed for signatures aboard. An alarm system automatically operates when inconsistencies in fuel density are detected. Crucial fuel data is transferred securely over a fully encrypted network every 15 minutes, delivering real-time, reliable information for immediate decision-making.
IOCs continue to value the increased fuel efficiency and close accounting that are now essential to successful operations, and vessel owners rely on the Fueltrax Data Delivery Guarantee to ensure critical offshore operations remain uninterrupted.
“Our clients tell us they need a system they can trust, with accurate measurements and standardized, automated reporting that gives them the facts about their fuel data as they happen. We’re already seeing its impact in Nigeria, as Fueltrax works to increase fuel accountability and ensure compliance.” – Anthony George, founder and CEO of Fueltrax.
* http://www.visualcapitalist.com/global-black-market-fuel-theft/