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4 Keys To Oil & Gas Asset Management


Oil and gas assets are significant investments. In fact, beyond oil and gas mining rights, they are the most significant investments that most oil and gas companies have. Asset management has to be done on a proactive, predictive level if assets are to last the full length of their projected service. New technology has made it easier than ever to manage assets effectively in a variety of ways.

1. Data Analysis and Predictive Maintenance

Many oil and gas well sites are now using predictive maintenance to avoid serious maintenance issues before they even occur. In the past, maintenance would usually occur after an incident had already happened. This would interrupt business operations and lead to more damage than necessary. Data analysis suites can be utilized to determine whether an oil and gas asset will need to be maintained in the near future. These suites can even take information from hundreds of different oil assets to determine on a historical level when maintenance is generally needed. This avoids any business interruption and ensures that machines remain in a continually good condition.

2. Using Resource Management Solutions

Assets are often traded between work sites. Sometimes they are even traded between companies that are under a parent company. Resource management solutions need to be used to track these assets so that they are always accounted for. Technologically advanced methods of asset tracking will use barcode scanners or even GPS trackers to quickly check items in and out. If assets cannot be accounted for, they cannot be properly booked and maintained.

3. Managing Non-Traditional Assets

Assets that do not fall under easily managed categories can often fall by the wayside because they are not included in a company’s protocols. It is necessary to have any non-traditional assets thoroughly documented and to have specific individuals in charge with their care and maintenance. Otherwise a non-traditional asset could fail when it is needed most. Many assets that are considered to be support gear, such as safety equipment and laboratory equipment, will be neglected if they are not specifically included within a maintenance and management schedule.

4. Maintain Check Lists and Monitor Equipment


With all of the technology that is now in play, it can be easy to forget that equipment itself needs to be appropriately monitored and maintained. Check lists should be used regularly to check on visible issues with asset performance, and equipment should be monitored thoroughly for any erratic or unpredictable operation. Even with technology and sensors in place, there can be issues that are more visible during operation than through collected data. A well-maintained checklist provides a safety net for anything that technology doesn’t catch.

Proactive oil and gas asset management doesn’t just improve the longevity of your equipment. It also vastly improves safety. A significant amount of injuries and fatalities in both construction work and the oil and gas industry can relate directly to faulty equipment. Thus, oil and gas asset management is essential for the overall health of your operations.