6 Great Ways to Improve Your Oil and Gas Asset Management

As the oil and gas industry continues to grow, so does the need for effective oil and gas asset management solutions. Inspection software provides a critical tool for ensuring that assets such as onshore and offshore oil rigs are properly constructed and maintained. In addition, by focusing on quality control (QC) early in the factory acceptance testing and the construction process, oil and gas companies can avoid costly issues later.

Furthermore, an inspection plan is essential to ensure that all necessary inspections and tests are performed and that nothing gets missed during the fabrication of the tools and equipment, rig construction, or during its operating phase. Comprehensive report package can prove that everything has been inspected and all issues have been properly addressed.

With thousands of technical components that need to function at 100%, implementing asset management solutions is no easy task for oil and gas asset managers as they cannot afford to take shortcuts.

An oil and gas company can be confident that its assets are being built and maintained to the highest standards by using oil and gas asset management software for inspections.

This blog post will discuss six great ways to improve your oil and gas asset management using inspection software.

What Is Asset Management in Oil and Gas?

In simple terms, asset management is a risk management process of ensuring that oil and gas assets are constructed, operated, and maintained to meet safety, regulatory, and quality standards.

It involves identifying, assessing, and prioritizing risks to the assets. The goal is to protect the health and safety of workers, the environment, and the general public while ensuring that oil and gas companies meet their production targets.

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What Are 4 Methods That are Used to Manage Asset Management?

There are four methods used to manage asset risk in oil and gas:

1. Factory Acceptance Risk Management. This focuses on risks related to the fabrication and assembly of tools and equipment as is conducted at the contractor’s production facility. It includes inspections, tests, and corrections of deficiencies.

2. Construction Risk Management: This focuses on the risks associated with the construction of new oil and gas assets. It includes project planning, quality control, and contract management.

3. Operational Risk Management: This focuses on the risks associated with the day-to-day operations of oil and gas assets. It includes safety monitoring, incident investigation, and risk assessment for operational efficiency.

4. Maintenance Risk Management: This focuses on the risks associated with the maintenance costs and overall maintenance of oil and gas assets. It includes activities such as inspection, repair, and replacement.

How Inspection Software Helps Improve Asset Management

Inspection software provides several benefits that can help improve asset management in oil and gas.

1. Project Specific Inspection and Test Planning

By utilizing inspection software with built-in project-specific inspection and test planning, oil and gas companies can improve their asset management processes by ensuring that all necessary inspections and tests are carried out in a timely manner, with progress fully documented so stakeholders can be kept informed. In addition, automated alerts and communication workflows help resolve any issues encountered during the inspection process. At the same time, dashboards and reports provide an overview of the progress for easy monitoring.

2. Eliminate Reliance on Spreadsheets and Manual Processes

Spreadsheets and manual processes can be error-prone and time-consuming. Collecting measurements and data when construction, commissioning, and maintaining a rig is a complex process. Inspection software keeps up with the technical demands but makes the job easier and faster. For example, baked-in inspection checklists, templates, and workflows help ensure consistency and accuracy while reducing the reliance on paper-based and obsolete processes.

It also allows proof-positive compliance documentation by automating data capture and providing a central repository for all documentation.

The software also offers real-time viewing of inspection data, so oil and gas companies can identify potential problems early and avoid costly downtime.

In addition, oil and gas companies can use inspection software to create comprehensive asset databases that you can use for long-term planning and decision making.

3. Consistent Inspections

One of the most critical aspects of asset management is ensuring that inspections are conducted consistently. This can be a challenge when multiple distributed teams are involved in the inspection process.

Inspection software helps to streamline the inspection process by providing a predictable and repeatable workflow that all team members can follow. This ensures that inspections are carried out consistently and allows oil and gas companies to track and trend data over time to identify potential problems.

4. Remote Inspections

Often, inspections are conducted in remote locations by third-party inspectors. However, you can now closely monitor inspections in real time and remotely using mobile technologies.

The software is intuitive enough for someone to use with little or no training and can be operated on Android or iOS phones and tablets.

Additionally, the software provides an all-in-one screen for handling inspections, photos, and reporting issues. The inspection software is also cloud-based so you can view real-time progress and answer any questions the Inspector might have. All data collected by the inspection software is date/time and GPS location stamped.

Another benefit of inspection software is that it allows you to conduct inspections offline and the software will automatically upload them to the cloud later.

Lastly, the inspection software allows you to add as many high-definition pictures and videos as needed.

5. Streamlined Communications

Inspection software also helps to streamline communications between different teams involved in the asset management process. By providing a central repository for all documentation, oil and gas companies can easily share information between various departments and team members, and document deficiencies and corrections.

Additionally, the software's communication tools allow you to resolve any issues during the inspection process quickly. Automated alerts and notifications help to keep everyone on track and informed of any changes or updates.

6. Insightful Analytics

Inspection software provides insightful analytics that you can use to improve asset management in oil and gas. The software's dashboards and reports provide an overview of the progress of inspections, identify areas of improvement, and track and trend data over time.

Oil and gas companies can also use the software to create custom reports tailored to their specific needs.

Why FTQ360 Inspection Software?

FTQ360's inspection software is a comprehensive solution that helps oil and gas companies improve asset management while decreasing their operational costs and increasing their profits. The software's features streamline the inspection process, provide insightful analytics, and allow for remote inspections. Additionally, the software is cloud-based and easy to use with little or no training.

If you're looking for a way to improve asset management in your oil and gas company, consider signing up for a free demo of FTQ360's inspection software. It could be just what you need to take your asset management to the next level.