Oil and gas assets are the most significant investments that any country can own. Asset management has to be done actively if the assets are to last the full length of the stipulated projected service. Currently, the use of new technology has made even easier to manage assets in various ways.

These new technologies have been used by most companies to offer greater efficiencies while management is exerting pressure on both engineering and maintenance to reduce labor costs, budget and other operational costs in a quest to increase the level of production.
The following are the keys to effective management in the oil and gas industry.


Utilizing Resource Management solutions

In most cases, assets are traded between different work sites or companies that operate under a parent company. These assets end up not being accounted for in the long-run and the use of resource management solutions will be significant in monitoring these assets.

The use of GPS trackers and barcode scanners can be used in checking the items getting in and out of a working site. Besides, if there is no accountability of these assets, they cannot be effectively being booked and maintained.


Data Analysis and the Use of Predictive Maintenance

Most oil and gas sites are currently utilizing predictive maintenance to prevent any maintenance issues from happening. Previously, maintenance was performed after the happening of an incident.

It could operate the normal functioning of business operations and lead to more damage afterward on that note, data analysis suites can be effectively be used to ascertain whether an oil and gas asset will need any maintenance in the future.


Maintain Checklists and Monitor Equipment

Although there is advanced technology at these work sites, it is still prudent to have checklists to check on any issues with asset performance, and equipment should be regularly monitored in case of any unpredictable operations.

Even with the use of technology and sensors, there are always those issues that are more visible during the process of operation unlike when data is being collected. Besides, a well- maintained check-list offers safety for any items that cannot be identified with technology.


Ensure the Management of Non-Traditional Assets

Traditional assets tend not to be accounted for because they are not formally documented and not among the company’s protocols. It is significant to ensure that these traditional assets are well documented and are in good care and maintenance.

It is considering that these assets may not be accessed when they are needed most. They include safety and laboratory equipment.