Asset Performance Management for Oil and Gas

Implementing an Asset Performance Management for Oil and Gas is a good investment in the future of any company, and it will save you money. It reduces downtime, costs for labor, and unplanned maintenance costs. By analyzing data and sending alerts to management when equipment starts to fail, this program will reduce unnecessary spending and improve asset performance. It is modular and scalable, so it can be scaled to suit the needs of the future of asset management.

Integrated approach

Asset Performance Management for Oil and Gas
Asset Performance Management for Oil and Gas

Using an integrated approach to asset performance management (APM) for oil and gas production increases long-term efficiency, while avoiding misunderstandings among disciplines. This technique is particularly useful when studying several fields at once. This is a far more cost-effective approach, and can overcome the problems associated with the traditional step-by-step study of individual fields. To implement this technique effectively, governments need to review the policies they use for studying hydrocarbon resources, and restructure the way they operate.

Today’s companies must optimize their production assets to maximize their returns. While they have invested significant resources in assets, the need to improve their performance is even greater. Some companies have invested in asset management, and have experienced early results. However, these companies are now at a tipping point, and are looking to incorporate these asset performance measures into their overall business processes. To maximize the value of these investments, companies need to develop a comprehensive plan that integrates financial and operational metrics.

Integration of digital tools

With a variety of features and functions, APM helps companies improve reliability and efficiency. With this tool, industrial managers can analyze operational data to identify asset performance problems. A single unproductive day can cost up to $25 million. The data from the system helps managers make better decisions and improve asset reliability. By implementing Asset Performance Management for Oil and Gas tools, industrial managers can reduce unplanned downtime, improve safety, and lower total cost of ownership.

Integrated asset management approaches show regulatory compliance and demonstrate the dedication to asset optimization. Moreover, they ensure smooth operations. The oil and gas industry can face devastating environmental repercussions if its assets do not work correctly. In such a scenario, remote equipment monitoring can help companies ensure that all assets are running smoothly, reducing the chances of catastrophic equipment failure. Additionally, historical data on maintenance of assets shows that companies took all necessary measures to keep them operating at peak performance.

Scaling of program

Asset Performance Management for Oil and Gas
Asset Performance Management for Oil and Gas

The ARC Advisory Group has identified several challenges in scaling an asset performance management program. One of these is the lack of data science alignment, which is a top challenge for 53 percent of respondents. Asset Performance Management for Oil and Gas solutions need to be fit for purpose and autonomous to support an integrated approach to Asset Performance Management for Oil and Gas. In addition, a predictive alert system for asset health should leverage advanced analytic techniques. An open workbench citizen developer platform allows end-user Subject Matter Experts to codify their know-how and knowledge to generate actionable results.

ARC Advisory Group conducted a survey of over 180 respondents in the industry and conducted interviews with Asset Performance Management for Oil and Gas end users. The survey was conducted to determine whether or not Asset Performance Management for Oil and Gas systems were scalable across different assets or plants. In addition, respondents were asked if they were able to scale their programs across different assets. Of the 180 respondents, 17 percent said that scaling their Asset Performance Management for Oil and Gas programs across different assets was impossible. These companies need to invest in the right technology and tools to scale their APM program.

Key capabilities

An asset management solution has several key capabilities that can make an oil and gas company more efficient. A sound asset management solution not only helps the company manage its assets, it can improve collaboration and operations across the enterprise. Its intelligent predictive analysis capabilities will prevent potential failures and minimize downtime. It can also help technicians calculate mitigation strategies and transfer insights to other sites. Ultimately, the oil and gas industry will benefit greatly from implementing such a system.

Asset management helps to optimize the performance of industrial operations and minimize failure. In addition to increasing operational efficiency, it also contributes to continuous improvement, as optimized assets are more productive and efficient. Oil and gas companies have a number of different physical assets, including pipelines, oil and gas fields, refineries, and more. These assets are essential to the company’s day-to-day operations. Proper asset management ensures that the assets are operating at peak performance, which helps the company achieve higher productivity.

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