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Enterprise Asset Management - Oil & Gas

Enterprise Asset Management - Oil & Gas

Due to economic, political and environmental aspects, the Oil & Gas sector consists of one of the most complex systems.

The global energy demand is estimated to increase by 49% (52% of that coming from Oil & Gas) by 2035. In this regard, Oil & Gas firms have to cope with the challenges of increasing production and profitability by overcoming constraints such as decreasing reserves without compromising on the HSE standards.

Hence, the industry is extremely asset and data intensive. For instance, an offshore oil well could cost around US $ 150 million and the Oil & Gas firms are under pressure to accomplish higher returns on the capital assets.

The sector requires a specialized approach to resolve multiple issues - enhancing asset lifetime, managing shutdowns and capital expansions, reducing manual interventions among others.

According to experts, there is often a lack of symmetry between operations and asset management systems and inefficient coordination among functions - operations, maintenance and engineering. This results in unutilized assets, inefficient operations, decrease in revenue, and HSE accidents.

It is vital for the industry to have data integrated through a robust asset management system to facilitate informed decision making expeditiously.

For instance, information from assets pertaining to upstream operations can be maintained in an enterprise asset management system, thereby assisting in real time analytics of the assets.

Again, efficient asset management systems can also be used in downstream sector to reduce production costs and extend the life of the assets.

The industry is looking at leveraging upgraded asset management tools - Advanced Condition Monitoring (ACM) that deliver top notch predictive capabilities by assessing real-time information on equipment & operations and using analytics to forecast an issue before its occurrence.

This has enabled the decision makers in the industry to facilitate increased production outputs, enhanced HSE and improved operational performance management.

- Jess Potts
Published on:
October 6, 2014
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