Over the past years, energy prices have been declining drastically and as a result, the pressure is being exerted on the operating companies in the oil and gas industry in order to maintain profitability. To tackle this challenge, these companies are currently devising ways to reduce the costs without affecting unplanned downtime or the safety of the environment and employees.
Improving Uptime
When it comes to the oil and gas industry, downtime is a great challenge. It is basically a high asset-intensive industry and new wells are supposed to be drilled regularly. Besides, assets are placed in locations that are quite remote and hostile. It generally leads to expensive and significant downtime in production which can lead to serious issues related to the environment.
Planned Work
In any company, having planned work makes things safer, efficient, faster and less expensive when compared to unplanned work. The use of an EAM system enables the company to identify the permits, instructions, right parts and significantly avoids the waste of time. In addition to that, having safety instructions, safe to work videos and personal protection equipment is the most effective way to prevent damage and personal injury.
Warranty Coverage
With proper management of equipment, warranties can greatly reduce the maintenance expenses by moving costs to suppliers and manufacturers. When required work is identified within the industry, the EAM software can inform supervisors to those assets under warranty and make sure that warranties are prevented due to modifications to equipment.