Industrial Automation Magazine India

Top 3 Asset Management Capabilities for Oil and Gas

Published on : Friday 10-03-2023

Optimising asset performance and return on assets and capital is essential to maximising profits and competitive position.

The oil and gas industry continues to increase its use of analytics and digital data to meet evolving market conditions. Optimising asset performance and return on assets and capital is essential to maximising profits and competitive position.

When evaluating their current and future asset management technology needs, oil and gas companies should look for the following capabilities as a starting point to make sure their enterprise asset management (EAM) platform is best positioned to meet their needs:

1. Facilitate interoperability between engineering, construction, and operations/maintenance
i. Graphically visualise your management-of-change in your field operations
ii. Enable predictive and prescriptive maintenance to minimise environmental risk
iii. Adapt to rapidly evolving regulations
iv. Support impact analysis and planning for compliance strategies, and 
v. Provide solution architecture to support planning, control of work, sensor, and autonomous technologies.

2. Leverage embedded digital work capabilities
i. Provide full access and capabilities via handheld devices to optimise technician time
ii. Personalise digital work versus third-party, and
iii. Ensure handheld support for remote sensors and ID technology for real-time information capture and retrieval.

3. Maintain compliance and safety management
i. Establish procedures to identify all hazardous situations, materials, and activities; provide visibility into precautions, as well as how to alleviate the hazard
ii. Identify and allocate responsibilities to specific individuals to make sure precautions are taken, and 
iii. Log historical records and changes; manage multiple approval levels; track changes to tasks, materials, and routes; define approvals; and enforce processes.

Your asset management solution’s capabilities are just one piece of the puzzle.

Hexagon Asset Lifecycle Intelligence Division. Email: [email protected]