by   |    |  Estimated reading time: 2 minutes  |  in EAM Enterprise Asset Management, Energy, Utilities & Resources   |  tagged ,

While most assets and projects within the Oil and Gas (O&G) sector have precise start and end dates, lifecycle management for these business-critical deliverables span a much longer timeline.

Enterprise Asset Management (EAM) technology enables O&G companies to support all stages of asset and project lifecycles, from planning to implementation, through to decommissioning. Along with safety and environmental considerations, O&G organizations rely on EAM to help minimize disruptions while optimizing productivity through exceptional asset visibility from the field to the office.

Here’s how this technology supports end-to-end project and lifecycle management for O&G organizations:

  1. Planning

Build informed plans based on real-time data generated from connected assets across the operation to examine the current state of your enterprise and define areas of improvement.

  • Identify (and quantify) areas of improvement
  • Explore what-if scenarios to determine benchmarks and the best path forward
  • Align operations with safety, environmental, productivity, and other targets
  • Leverage AI and real-time data to improve asset performance management (APM)
  • Build accurate digital twin asset models to aid in asset investment planning (AIP)
  1. Implementation

Maintain oversight across the entire operation with benchmarks identified during the planning stage, for a real-time view on how your operation is performing.

  • Predictive maintenance and scheduling eliminates unplanned downtime
  • Automated data replication between the office and remote production sites provides a seamless operation
  • Critical continuity during unforeseen weather events
  • Execute mission objectives safely and effectively
  1. Decommissioning

Expedite the off-boarding or transfer of equipment and assets that are no longer needed at the end of a project by providing detailed digital records of associated asset costing and performance data.

  • Easily move operating sites between legal entities
  • Separate and move serialized asset structures
  • Provide accurate asset history and operational meta data
  • Reduce asset liabilities through improved visibility and forecasting capabilities

Whether on a SPAR platform in deep water, a remote desert site, or within an environmentally sensitive location, IFS Cloud EAM delivers end-to-end project and asset lifecycle management for your oil and gas operation.

Read our executive summary for more information and case studies from our O&G customers.

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