Asset Management In Oil & Gas Industry

Asset Management In Oil & Gas Industry

What is Asset Management?

Asset Management Software provides a structured methodology for creating, operating, maintaining, and decommissioning assets cost-effectively. Modern oil and gas facilities, with higher production and storage capacities, are being set up on a larger scale 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 highly asset-intensive. New wells need to be regularly drilled, and assets are installed in increasingly remote locations and typically hostile areas. Whether on land, offshore, or even deep water, all locations are remote, and obtaining help and expertise can be problematic. This results in significant downtime in production, which can lead to serious environmental and safety issues.
Let's plan for Maintenance
Most oil & gas companies have a scheduled maintenance plan to prevent unplanned downtime. This maintenance is performed routinely in cycles according to a calendar-based timetable. During planned maintenance outages, non-critical assets are generally run to failure before maintenance. Therefore, critical assets have regularly scheduled maintenance, and non-critical ones have reactive maintenance.
But routine maintenance may not be the answer
As different assets have very different maintenance requirements and individual sites have unique operation processes, environmental conditions, and other factors - routine maintenance based solely on a calendar is generally unnecessary.

Is too much data is good? Various companies monitor large assets for faults and other problems related to pressure, temperature, etc. that can cause faults in the future. However, the problem is the excess of data without context and the numerous segregated and disparate applications. Most of the time is spent collecting this data, creating a huge backlog, and sometimes resulting in data being discarded.

Proper Data Analytics Help Improve Asset Management:

The traditional way to do things was taking help from in-house experts, but in today's dynamic world, this isn't always possible. A volatile world demands a flexible solution.

Proper and systematic data analysis tools like a common APM solution can help management make data-driven decisions from a trustworthy source. This single APM source allows an easy understanding of asset conditions for management and 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 are some ways in which an Asset Performance Management Program can help the Oil and Gas Industry:

  • It helps the management make investment decisions: Management uses APM data to decide whether to add or repair new assets.
  • Reduces unplanned downtime: An APM is responsible for collectively analyzing all asset performance data and suggesting maintenance before the asset fails.
  • This modern approach to analysis and data collection helps companies develop new techniques resulting in greater efficiency, less unplanned downtime, improved safety, reduced operational risk, better yields, and increased flexibility of production. The asset's life improves with less scheduled and condition-based maintenance. There is less downtime and more productivity. Maintenance labor costs are reduced, and costly maintenance expenses during unplanned downtime are also minimized.

With Cryotos CMMS 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 with integrated purchase order tracking software, including long lead time items.
  • Allocate and reserve parts and materials to work orders.
  • Manage contractor costs and payment authorizations with vendor invoice processing.
  • Track any 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, workflow, 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 from one application, 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.


Improve safety and compliance. Store safety training certifications on Cryotos's equipment maintenance software and keep safety instructions and records 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

Cryotos's real-time asset tracking system helps minimize costly downtime caused by equipment failure or repairs by enabling you to keep track of the locations and condition of your key spares and quickly get rigs back in operation.


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


Asset management is crucial in the oil and gas industry for several reasons. First and foremost, the industry involves a vast range of expensive assets, such as rigs, pipelines, refineries, and storage facilities, which require regular maintenance and replacement to ensure operational efficiency and safety. Proper asset management can help companies reduce downtime, optimize asset utilization, and prolong the lifespan of equipment. Additionally, given the capital-intensive nature of the industry, effective asset management can lead to significant cost savings and increased profitability. Moreover, in an industry that is subject to strict regulatory requirements, proper asset management is essential to comply with environmental, health, and safety regulations. Overall, asset management is a critical component of the oil and gas industry, and companies that invest in it can achieve significant benefits in terms of operational efficiency, safety, and profitability. Investing in a mobile based CMMS solution like Cryotos can help organizations perform topnotch asset maintenance management and Reduce Maintenance Costs from downtime and inefficient processes significantly.

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What Do Our Clients Says ?

Amrapali Exports - Esteemed Clients of cryotos
Anuraj Sharma - Maintenance Manager

The best thing about Cryotos CMMS software is that it always tells me when something needs to be fixed - before it breaks and cost me a fortune!

The software is very user-friendly, and even if I don't know how to do something, the support team is always there to help me out.

Most importantly, unlike other such software, Cryotos is editable and hence the user can modify how the software works as per their need, we made several changes in the workflow & flowchart with the help of development team.

I don't know what I would do without Cryotos! I've been using it for years, and it has saved me so much time and money. I highly recommend it to anyone who wants to manage their assets efficiently.

Resil Chemicals - Esteemed Clients of Cryotos
Jeevan Belliappa - Head, Information Technology

Since we've been using Cryotos CMMS Software, our asset maintenance management has been running more smoothly than ever. We're able to track and optimize our preventive maintenance with ease, thanks to the customized process workflow. This has been a lifesaver for our team!

The Cryotos CMMS software has allowed us to manage our assets more effectively and efficiently. It has helped us to improve our asset utilization. The software is user-friendly and easy to navigate, and the support team is always quick to help with any questions we have. We're very happy with the results we've seen so far and we're confident that we'll continue to see improvements in our asset management as we use the Cryotos CMMS software.

Planys - Cryotos Esteemed Client
Antony Jacob Ashish - Lead, R&D

Cryotos goes above and beyond when it comes to customer satisfaction. Planys Technologies use Cryotos for preventive/ corrective maintenance of our critical systems and not once did we face a problem that was not dealt with immediately. The team is extremely professional and helpful. We can rely on Cryotos when it comes to the operations and processes.

Thanks to the whole team for the amazing performance and thought leadership. It's rare to see teams that can put themselves in the customer's shoes and think from their perspectives - Cryotos team doesthat and more.

We recommend Cryotos if you are looking to put an end to your preventive maintenance problems and sign up with them!

Thanks to the team for an awesome job.

Xpert IFM - Esteemed Clients of Cryotos
Siva Shankar - AGM, (Operations & BD)

On behalf of Xpert FMS we would like to express our sincere appreciation for the excellent support Cryotos team have provided us for our building and facility management. Cryotos has always provided support that is timely and meets our expectations. Professionalism and quick response are the hallmarks of this team.

Sincere appreciation for the team's brilliant performance and wish them continued success. We highly recommend Cryotos as they have executed well on all assigned tasks and continue to outperform.

Thanks to all the hard work, our lives have become easier.

ST Jude India Childcare Centers - Cryotos Esteemed Client
Mukesh J - CIO

We are able to raised the workorder and tracking of these till the closure as helped us to provide better services our beneficiaries. Workflow-based work order management has helped us to define processes for each locations separatley. System provide notification once order is raised for assignment to engineer.

Maspro - Esteemed Clients of Cryotos

This CMMS software is top-notch! I can't believe how much it has helped me with my facilities maintenance management. Customized reports and business intelligence have been invaluable in making better decisions.

The software offers a great deal of customization for each organization's specific needs. They are always updating the software with new features and improvements, which is great. The support team is fantastic - they are always quick to help with any questions or problems we have. This software has definitely made my life a lot easier! It's so easy to use and it's really helped me keep track of all my maintenance tasks in one place. I would definitely recommend it to anyone looking for a CMMS platform.

Al Zain Farms LLC - Esteemed Clients of Cryotos
Mr. Vishnu S Nair

Since we've started using Cryotos, our team has been able to stay on top of all the various SOPs. Checklists and safety procedures are now easily accessible to everyone, and we can quickly reference them whenever we need to. The software has definitely helped to improve our team's communication and efficiency. Plus, the fact that it's cloud-based means we can access it from anywhere, which is a big plus. It has been a great help in keeping everyone on the same page and up to date with the latest procedures.

Dinex - Esteemed Clients of Cryotos
B S Vijaya K. - Maintenance Engineer

At starting it felt some what difficult for scheduling but now it made to easy access.

Review from Capterra

Korrun - Esteemed Clients of Cryotos
Nithin G. - Maintenance Incharge

Overall: Nice Software
Pros: Scheduling, work order creation, asset inventory, records.
Reasons for Choosing Cryotos: Compared to other products it's easy to use and easy to understand the feature.

Review from Capterra

Aptiv8 IT Solutions
Hashim - Business Project Manager

This CMMS software is top-notch! I can't believe how much it has helped me with my facilities maintenance management. Customized reports and business intelligence have been invaluable in making better decisions.

The software offers a great deal of customization for each organization's specific needs. They are always updating the software with new features and improvements, which is great. The support team is fantastic - they are always quick to help with any questions or problems we have. This software has definitely made my life a lot easier! It's so easy to use and it's really helped me keep track of all my maintenance tasks in one place. I would definitely recommend it to anyone looking for a CMMS platform.

Gurit - Esteemed Clients of Cryotos
Mr. Mohanmurali R

I recently purchased Cryotos CMMS Software for asset management needs at my organization and after a few months of testing and monitoring, I'm incredibly pleased with the results. The software is user friendly, accessible and the design is very intuitive. It covers all the aspects of managing maintenance and repair, starting from preventive maintenance and standardizing operation cycles, to scheduling and streamlining workflows. I am highly satisfied with the performance and the range of features offered by Cryotos. Highly recommendable!

Metro Tyres - Esteemed Clients of Cryotos
Mr. Sanjay Beri

Before using Cryotos, asset management and maintenance seemed like an uphill task for my team. Manual processes laden with human errors did not work for us at all. We decided to go with Cryotos after checking out similar products in the market.

The user interface of the software is intuitive and easy to use, making it simple to navigate through the different features and functionalities. I particularly appreciate the ability to track all assets in real-time, allowing me to keep a close eye on their performance and maintenance needs.

Customized work order and workflow creation has reduced the needs to always follow a particular template. Depending on our needs we can create tailor made workflows to suit our requirements.

I highly recommend Cryotos to anyone who would like to unburden themselves of maintaining and managing their critical assets.

Dinex - Esteemed Clients of Cryotos
Mr. Yuksel Aksin

As a customer of Cryotos CMMS software for asset management needs, I must say that I am thoroughly impressed with the features and functionality offered by the platform. Cryotos CMMS software has made managing my assets a breeze, and I no longer have to worry about missing maintenance or inspections.

One of the standout features of Cryotos CMMS software is the ability to generate work orders and schedule maintenance tasks. This has made it easy for me to stay on top of maintenance and repair tasks, ensuring that my assets are always in optimal condition.

The software also allows me to track inventory levels which has streamlined my inventory management process. The ability to generate reports and analyze asset performance data has also been invaluable in helping me make data-driven decisions about my assets. Overall, I would highly recommend Cryotos CMMS software to anyone looking for a reliable and efficient asset management solution.

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