Asset management is one of the core capabilities for sustainable success of the O&G Operators , Contractors and Asset owners with their current assets facing the aging and in many cases reaching the end of their operational lives. Furthermore failure due to aging, corrosion, defect & fatigue also needs to be emphasized along with what price their maintenance, downtime come at.
The need to enhance asset integrity and extend the lifecycle of these aging facilities becomes imperative to survive this storm of low oil prices. Gas pipeline integrity, oil pipeline integrity, overall asset integrity, health safety and environment (HSE) concerns and the challenges posed by maintenance are more important today than ever before.
Without effective asset management, a company will ultimately stumble no matter how clever its strategy, no matter how attractive its portfolio, no matter how strong its asset base and no matter how unique its organization structure might be.
This edition of Asset Management Summit demonstrated how AIM excellence can enhanced performance control whilst preventing major incidents and how digital approach stepping into new era will unlock full potential of asset performance whilst reducing operational costs in a period of lower oil prices.
An effective Asset Integrity Management program is a prerequisite for the continued safe and profitable operation of any oil and gas company in upstream drilling and production operations all the way through the cycle to the downstream petrochemical processing plants. Digitalizing further enables high level inspection and maintenance with further strategic advantage of accuracy and decision analytics towards AIM
The importance of the issues in asset integrity and inspection management cannot go overlooked as oversight in these areas hold the potential for major incidents causing safety, environmental and fiscal risks.