Asset Management in Oil & Gas Industry

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Asset Management in Oil & Gas Industry

What is asset management?

Asset management provides a structured methodology of creating, operating, maintaining and decommissioning assets in a cost-effective way. Modern oil and gas facilities are being set up on a larger scale than before, having higher production and storage capacities, to insulate them from market volatility and improve long-term profitability.

Asset Management in Oil & Gas Industry:

Downtime is a challenge: The Oil & Gas sector is a highly asset-intensive industry. New wells need to be regularly drilled and assets are installed in locations that are increasingly remote and typically hostile. Be it on land, offshore, or even deep-water, all the locations are remote and getting help and expertise is generally a problem. This results in a costly and pretty significant downtime in production and can lead to serious issues related to environment and safety.

Let’s plan for Maintenance: Most oil & gas companies have a scheduled maintenance plan in place to curb unplanned downtime. This is performed routinely in cycles according to a calendar-based timetable. This maintenance is done during planned maintenance outages and the non-critical assets are generally run to failure before maintenance. Therefore, critical assets have regular scheduled maintenance and non-critical ones have reactive maintenance.

But routine maintenance may not be the answer: As different assets have very different requirements of maintenance and different individual sites also have different operation processes, environmental conditions, etc. routine calendar based maintenance is generally unnecessary.

Too much Data…is always good? Various companies monitor large assets for faults and other problems related to pressure, temperature, etc. that can cause faults in the future. But, the problem isn’t the lack of software applications and data. It is too much data that is without context and many applications that are segregated and disparate. Most of the time is spent collecting this data and this creates a huge backlog. Sometimes, this data is thrown out as well.

Proper Data Analytics Help Improve Asset Management

The traditional way to do things was taking help from the in-house experts, but in today’s dynamic world this isn’t possible. Most in-house experts are on the verge of retiring, so without data and analysis, suboptimal performance is highly likely.

This modern approach of analysis and data collection helps companies in developing new techniques resulting in greater efficiency, less unplanned downtime, improved safety, less operational risk, better yields, and increased flexibility of production.

Proper and systematic data analysis tools like a common APM solution can help management make data-driven decisions from a source they can trust. This single APM source allows easy understanding of asset condition to both the management as well as the maintenance team. With the help of an APM solution, you can not only optimize your delivery, but also cut down on unnecessary scheduled maintenance as well as unplanned downtime. Here is how an Asset Performance Management program helps the Oil and Gas Industry:

  1. It Helps the Management Make Investment Decisions: Management uses APM data to decide whether to add new assets or repair existing ones.
  2. Reduces Unplanned Downtime: An APM is responsible for collectively analysing all asset performance data and suggesting maintenance before the asset fails. This reduces any kind of unplanned downtime.
  3. Saves a Lot of Money for the Company: With less maintenance schedules and condition-based maintenance, the life of the asset improves. There is less downtime and more productivity. Labour costs for maintenance are saved and costly maintenance costs during unplanned downtime is also saved.

With Cryotos Oil & Gas software, you can:

  • Manage all your assets from a single platform
  • Integrate with your process control systems to drive preventive and corrective tasks
  • Manage your work backlog
  • Drag and drop work orders to create schedules and move work between schedules
  • Easily handle Preventive Maintenance (PM) programs and monitor compliance
  • Pre-plan work for turnaround activities and conduct “what if” scheduling scenarios
  • Handle turnaround material requirements including long lead time items with integrated purchase order tracking software
  • Allocate and reserve parts and material to work orders
  • Manage contractor costs and payment authorizations with vendor invoice processing
  • Track any type of event such as accidents, emissions, and spills and manage follow up activities
  • Track equipment history and manage warranties
  • Streamline procurement and support centralized and distributed purchasing with integrated purchase order tracking software
  • Control costs through enforced approval limits, work flow and negotiated pricing agreements prior to commitment and expenditure

Benefits for Oil and Gas Operators

At the drilling site, warehouse, storage yard or office, your team members can receive updates with real-time equipment tracking of each asset’s critical information.

Save Time

Because all equipment is tracked on one asset management app, you can quickly find what you need. Cryotos gives you accurate and up to date inventory management, so you spend less time hunting for spares in an emergency.

Safety

Improve safety and compliance. Store safety training certifications on Cryotos’s equipment inventory software, and keep safety instructions and records available at the touch of a button, minimizing injuries, risk and downtime.

Improve Accountability

Know when and where inventory has been transported. And know which employee last used any item, because Cryotos tracks who, when and where each time something is relocated.

Keep Operating

Minimize costly downtime from equipment failure or repairs. Cryotos’s real-time asset tracking system helps you keep track of your key spares, their locations and condition, to get rigs back in operation fast.

Control

Do you know where all your parts and tools are, and their readiness and availability? With Cryotos asset tracking, you can know for sure, keeping your operation working and in control..


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