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:
- 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)
- 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
- 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.
