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ISSN 2753-7757 (Online)

Tackling oil and gas asset management in challenging times

23/11/2022

6 min read

Oil and gas facilities silhouetted against orange sunset sky Photo: Pixabay
Robust, digitised asset management practices can improve visibility throughout oil and assets, reduce downtime, optimise operations, improve company competitiveness and help in the move towards better ESG during the energy transition

Photo: Pixabay

There are five keys to effective asset management of oil and gas companies during this watershed decade in the transition to net zero emissions. Bert Verplancke from Hexagon’s Asset Lifecycle Intelligence Division puts the challenges in perspective.

This decade will be as defining as the energy crises of the 1970s in terms of the public perception of oil and gas companies. It is also a period fraught with risks because of the current energy crisis. However, these fossil fuel-based companies have an opportunity to demonstrate a positive role as actors within the energy transition, along with renewables. Effective asset management practices will play a vital role and must be robust and agile in order to meet the challenges ahead.

 

This year has been the perfect storm for oil and gas companies. As the conflict in Ukraine has unfolded, people worldwide have come to realise how much our economies are still reliant upon oil and gas, despite the increasing move towards renewables.

 

But this is only the start, with energy prices skyrocketing, energy security issues and winter power-outs threatened. Global warming is becoming ever more tangible, with extreme weather, floods and fires taking their toll on people’s livelihoods and future prospects.

 

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