Optimal storage of load data for lifetime prediction for equipment used in a well operation

A method for optimal storage of load data for lifetime prediction for a piece of equipment used in a well operation, the method comprising:

• using a lifetime model for the piece of equipment used in the well operation;
• discretizing, by a processing device, a load data spectrum into one or more buckets, the one or more buckets having a bucket size, wherein the bucket size of at least one bucket is based on one of the lifetime model and a distribution of load data;
• collecting load data of the piece of equipment;
• assigning, by the processing device, the collected load data to the one or more buckets of the load data spectrum;
• and
• storing, by the processing device, the collected load data assigned to the one or more buckets to a memory,
• wherein the bucket size of one or more of the buckets varies corresponding to a probability density function.

A system for optimal storage of load data for lifetime prediction for a piece of equipment used in a well operation, the system comprising:

• a sensor collecting load data of the piece of equipment;
• and
• a processing device for executing computer readable instructions, the computer readable instructions comprising:
• determining a lifetime model for the piece of equipment used in the well operation;
• calculating a bucket size using one of the lifetime model and a distribution of load data:
• discretizing a load data spectrum into one or more buckets using the calculated bucket size;
• assigning the collected load data to the one or more buckets of the load data spectrum;
• storing the collected load data assigned to the one or more buckets to a memory;
• determining a lifetime estimation of the piece of equipment based on the load data assigned to the one or more buckets of the load data spectrum and stored to the memory;
• and
• replacing or rerunning the piece of equipment based on the lifetime estimation.