The present global competitive within the petroleum industry obliges companies to improve production performance continually. In this paper, Overall Equipment Effectiveness (OEE) used as improvement driver tools that measure various types of production losses and indicate the area of process improvement. The study approach attempts to measure the effectiveness of the centrifugal oil pump during one year of operating based on the historical data acquired. Then used this gained data of the OEE metrics in order to predict the pump effectiveness over the three years. Monte Carlo simulation method used to prognosis the machine behavior patterns in the future and estimating the effectiveness of the pump system. Also, it supports management for clear understanding to draw their maintenance strategy in advance and identifies the opportunities to reduce wastages of time and resources. Further, the results show how individual OEE factors influence the overall productivity and efficiency of the oil pump. This identification will contribute not just to improve the maintenance plan but also will protect the equipment from early deterioration and achieve process stability. OEE is a globally recognized best practice measure to systematically improve processes for higher efficiencies and better productivity, ultimately leading to lower manufacturing costs and higher profitability.