The oil and gas industry is unique in many respects and requires skilled workers and technology to ensure safety and productivity for your organization. Often, facilities management gets overlooked, leading to inefficiencies, decreased productivity, and unexpected costs from reactive maintenance. Asset management is essential for a highly functioning O&G facility, but it’s hard to know where you stand when working with outdated software. Today, our team of oil and gas logistics software specialists at SCLogic unpack the importance of asset management for O&G and what metrics you should be monitoring for maximum efficiency. 

Invest in a Proactive Maintenance Strategy

Did you know that the average oil and gas facility loses 32 hours of productivity each month due to unplanned downtime? This comes at a staggering cost of $220,000 per hour. Additionally, in refineries alone, Fortune Global 500 (GFG500) companies estimate a total of $47 billion in losses each year. Large-scale equipment is difficult to replace for oil and gas, leading to aging and corrosion risks over time. Without a proactive maintenance strategy in place, replacement costs can be crippling for your facility, especially with inflation, supply chain issues, and economic uncertainty this year. 

With Intra’s Asset Logistics Workgroup, proactive maintenance is at the forefront. With the ability to monitor asset lifecycles for each vital asset and gather data, including mean time between repair or equipment failure, asset managers have a comprehensive view of the health of your facility. They can strategize accordingly to prevent additional downtime or accrued costs. You can also gather utilization data for each asset to determine the cost strategy for additional asset purchases and automate maintenance schedules to ensure that no assets are overlooked.

Prioritize Your Compliance Strategy

An area that no one wants to think about, but everyone needs – compliance. Regulatory compliance standards differ among industries, and oil and gas have some of the most stringent requirements due to the potentially hazardous nature of their work. For O&G, there are different regulations for on and off-shore operations. For onshore operations, many regulations are governed by OSHA, whereas off-shore operations follow compliance from the Bureau of Safety and Environmental Enforcement (BSEE) and Safety and Environmental Management Systems (SEMS). 

With asset logistics software like Intra, risk reduction is the goal. Compliance will tie in closely with your proactive maintenance strategy and provide the data needed to ensure that you are correcting equipment issues before it’s too late. Additionally, our Workplace Services Workgroup provides task management solutions to improve productivity and ensure completion. Teams have end-to-end visibility on task completion, providing managers with all resources needed to ensure tasks are completed correctly. The result? A highly-functioning O&G facility that not only meets but exceeds compliance standards.

Explore Sustainability Opportunities

We all know that sustainability and ESG initiatives are growing rapidly, and for O&G, there is no question that sustainability efforts will continue to take priority. So, how can facilities management software help with your ESG initiatives? First, FM and asset management software help your team streamline complex processes, including reducing bottlenecks, energy usage, and on-site accidents. Your team will be able to identify processes and areas of your facility that are using unnecessary energy, and reorganizing these processes, will result in significant cost savings and energy efficiency. 

Second, and most importantly, facilities management software can help reduce methane emissions for O&G. Methane emissions are currently the second largest cause of global warming. Yes, you read that right. The most common sources of methane emissions come from malfunctioning equipment, fugitive leaks, and system upsets, all of which can be reduced by implementing a proactive maintenance program. With many O&G organizations beginning their digital transformation process and pledging Net Zero Emissions by 2050, the time to start your DX journey is now.

Learn How SCLogic Can Help Your O&G Facility

Oil and gas is a highly specialized industry, and you deserve software that caters to your industry’s unique needs. With SCLogic, we developed Intra to solve the most complex pain points for niche-specific industries, including oil and gas. We are a leader in digital transformation and created Intra to be your full-service solution for asset management, workplace logistics, and more. From maintenance to compliance and everything in between, we’re here to provide a configurable solution for your O&G facility. To learn more about our O&G-specific workgroups, email [email protected] or schedule a demo with our team today.