Asset management enhances operational efficiencies

04 December 2019

Asset Management in Oil & Gas

In view of the increasing competition and narrowing margins among oil and gas companies, asset management is obtaining greater relevance in enhancing operational efficiencies, according to GlobalData.

The company’s latest thematic report, ‘Asset Management in Oil & Gas’, discusses the growing necessity to implement a comprehensive asset management strategy in the oil and gas industry.

The industry also has to manage aging infrastructure to extract optimum performance from them while minimizing health and safety risks.

The alignment of important strategic and investment objectives with efficient operational and project management procedures is of paramount significance for oil and gas businesses to maximize the value of an oil and gas field throughout its life cycle. This may include aspects such as efficient capital and operating expenditure management, maximizing production levels, and extending a field’s life. In making these strategic decisions, asset management solutions can help oil and gas companies reduce costs and mitigate operational risks. A sound asset management plan can provide a holistic approach towards enhancing visibility, collaboration, performance and generating higher value from operational expenditures.