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3 Ways To Perform Asset Management for Oil & Gas

Asset Management

Asset Management


Asset management requires the successful integration of the asset management policy, strategy and plan. According to the PAS 55 definition, asset management is: “systematic and coordinated activities and practices through which an organisation optimally manages its physical assets and their associated performance, risks and expenditures over their lifecycles for the purpose of achieving its organizational strategic plan.” ISO 55000 defines asset management as, “the activity to realise value from assets.” Hence, asset management is a structured approach for aligning the business direction with the best whole-life cycle combination of acquiring, utilising, maintaining and renewing/disposing of assets to deliver that value. The processes used to manage assets must be coordinated to find the optimal mix of costs, risks, and performance over the whole life cycle. Here are 3 ways to do so.


  • Predictive Maintenance

Especially for the Oil & Gas industry, predictive maintenance is the most important and critical factor for asset management. Due to the high risk nature of the industry, predictive maintenance allows organisations to apply various analytics to predict failures in advance. Maintenance that occur only after the incident has occurred disrupts business operations and productivity. Data analytics software are used to determine if and when an oil and gas asset requires maintenance.


  • Managing Non-Traditional Assets

Non-traditional assets need to be documented and included in the company’s protocols and schedule. This ensures that there are workers in charge with their care and maintenance, and minimises the risk of these assets failing. Examples of non-traditional assets include safety and laboratory equipment.


  • Fleet Management

Oil & Gas companies, especially in Exploration & Production and oil field services, use big fleets to transfer assets and tools. Similar to fleet management organisations, these fleets require regular maintenance to minimise breakdowns.


In the diverse and demanding working conditions of the oil and gas industry, efficiently and effectively maintaining physical infrastructure in good working condition (and limiting the costs and disruptions of doing so) is essential for optimizing performance and profits.


Asset Management and Improving Asset Lifespan for Oil & Gas 2018 is a 3-day course held from 28 – 30 November 2018 (Kuala Lumpur), designed to will cover the benefit of asset management, introduction to asset management policy, asset management systems, defining asset management policy & strategy, effective asset management strategy and plans, building an asset management organisation, implementing asset management plans and assessing asset management risk and performance. For more information, please visit us at or contact us at


Interested to read other Oil & Gas articles? Check out: How Planning For Plant Turnarounds Ensures Success


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