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Asset Management Software provides a structured methodology for creating, operating, maintaining, and decommissioning assets cost-effectively. Modern oil and gas facilities, with higher production and storage capacities, are being set up on a larger scale to insulate them from market volatility and improve long-term profitability.
The Oil & Gas sector is highly asset-intensive. New wells need to be regularly drilled, and assets are installed in increasingly remote locations and typically hostile areas. Whether on land, offshore, or even deep water, all locations are remote, and obtaining help and expertise can be problematic. This results in significant downtime in production, which can lead to serious environmental and safety issues.
Most oil & gas companies have a scheduled maintenance plan to prevent unplanned downtime. This maintenance is performed routinely in cycles according to a calendar-based timetable. During planned maintenance outages, non-critical assets are generally run to failure before maintenance. Therefore, critical assets have regularly scheduled maintenance, and non-critical ones have reactive maintenance.
As different assets have very different maintenance requirements and individual sites have unique operation processes, environmental conditions, and other factors - routine maintenance based solely on a calendar is generally unnecessary.
Is too much data is good? Various companies monitor large assets for faults and other problems related to pressure, temperature, etc. that can cause faults in the future. However, the problem is the excess of data without context and the numerous segregated and disparate applications. Most of the time is spent collecting this data, creating a huge backlog, and sometimes resulting in data being discarded.
The traditional way to do things was taking help from in-house experts, but in today's dynamic world, this isn't always possible. A volatile world demands a flexible solution.
Proper and systematic data analysis tools like a common APM solution can help management make data-driven decisions from a trustworthy source. This single APM source allows an easy understanding of asset conditions for management and the maintenance team. With the help of an APM solution, you can not only optimize your delivery but also cut down on unnecessary scheduled maintenance as well as unplanned downtime. Here are some ways in which an Asset Performance Management Program can help the Oil and Gas Industry:
At the drilling site, warehouse, storage yard, or office, your team members can receive updates with real-time equipment tracking of each asset's critical information.
Because all equipment is tracked from one application, you can quickly find what you need. Cryotos gives you accurate and up-to-date inventory management, so you spend less time hunting for spares in an emergency.
Improve safety and compliance. Store safety training certifications on Cryotos's equipment maintenance software and keep safety instructions and records at the touch of a button, minimizing injuries, risk, and downtime.
Know when and where inventory has been transported. And know which employee last used any item because Cryotos tracks who, when, and where each time something is relocated.
Cryotos's real-time asset tracking system helps minimize costly downtime caused by equipment failure or repairs by enabling you to keep track of the locations and condition of your key spares and quickly get rigs back in operation.
Do you know where all your parts and tools are and their readiness and availability? With Cryotos Asset Tracking Software, you can know for sure, keeping your operation working and in control.
Asset management is crucial in the oil and gas industry for several reasons. First and foremost, the industry involves a vast range of expensive assets, such as rigs, pipelines, refineries, and storage facilities, which require regular maintenance and replacement to ensure operational efficiency and safety. Proper asset management can help companies reduce downtime, optimize asset utilization, and prolong the lifespan of equipment. Additionally, given the capital-intensive nature of the industry, effective asset management can lead to significant cost savings and increased profitability. Moreover, in an industry that is subject to strict regulatory requirements, proper asset management is essential to comply with environmental, health, and safety regulations. Overall, asset management is a critical component of the oil and gas industry, and companies that invest in it can achieve significant benefits in terms of operational efficiency, safety, and profitability. Investing in a mobile based CMMS solution like Cryotos can help organizations perform topnotch asset maintenance management and Reduce Maintenance Costs from downtime and inefficient processes significantly.
