Asset management in the oil and gas industry
IoT is the disruptive technology in which objects are connected in network to communicate with each other by collecting data with the help of sensors. Asset management is the process through which the performance of the company is improved by managing its operations. They can use advanced technologies for making predictions for analyzing the workability and production competence of assets. Companies make huge investments to manage their complex and highly complicated assets. Asset management plays a very significant role in the operability of the oil and gas sector as managing assets is a very challenging task in this field. Oil and gas are the industry that specifically requires asset management tools and platforms to operate more efficiently and meets the rising demands of oil and gas in the market.
Assets of oil and gas sector
Various types of assets needed to be managed in the oil and gas industry and contribute to the revenue generation process of the field. These assets include:
â€¢ Pumping equipment: Pumping oil and gas is one of the major operations performed in the oil and gas industry done mainly in three ways that are upstream, downstream, and midstream. The oil and gas are transferred from one place to another with the help of this equipmentâ€™s.
â€¢ Heat exchangers: Heat is transferred from one oil or gas to another with the help of this tool. Heaters and freezers, both are used in this process.
â€¢ Tanks & vessels: Tanks and vessels are mainly installed to refine oil and gas.
â€¢ Air coolers: Air coolers are used to refrigerate oil and gas based on production differences.
â€¢ Towers: Towers are the equipment that are used for the large-scale processing of oil and gas in the field.
â€¢ Evaporators: As the name suggests, evaporators are used to turn liquid into the gaseous state for a different type of production
These are the main assets that are used in the oil and gas sector for performing all types of operations. Improving the efficiency of operations by managing the assets is one of the main tasks to be performed in the oil and gas field. Therefore, a systematic approach is required for the same.
Significance of asset management for the oil and gas sector
The demand for oil and gas is continuously increasing with fluctuating prices; therefore, it is very important to manage assets efficiently to maintain balance between demand and supply. The assets that are used in the production of oil and gas are very important. Asset management is one of the best ways to increase production without affecting the production cost greatly. IoT has been used for this purpose due to its predictability feature and automation capabilities which help to manage assets in much better way. Automation is also important in asset management because it helps to monitor the servicing of assets. The downtown of assets can also be scheduled with automation as it helps to make things predictable.
Asset tracking and monitoring
Management of assets is highly dependent on the tracking and monitoring of assets which needed to be done perfectly to get useful insights. These insights and performance metrics are very important to make amendments in the process accordingly. In the oil and gas industry, proper asset tracking and monitoring are important so that their maintenance can be scheduled timely and they get improved without causing any significant damage to the production. In addition to this, assent tracking and monitoring also help in generating asset reports. These reports help to analyze the working conditions of assets and to identify what kind of modifications they require to improve their work efficiency. The incidents that can happen in future and have the potential to cause damage to the worker or company can be analyzed and managed effectively.
Benefits of asset management in the oil and gas industry
The main advantage of asset management to the oil and gas industry is that it emphasizes on increasing the efficiency of every process and operation. IoT devices such as sensors and actuators are used to track and monitor the performance of every asset. They also predict the future working capability of main assets under standard conditions to make the required modification to prevent any kind of damage. This is one of the biggest advantages of using IoT devices that help to manage assets by monitoring them in real-time and advanced technologies such as big data analytics are used to analyze the data tracked. This generates more accurate information related to the assets and help to understand them properly.
Biz4Intellia: A platform for complete asset management solutions for oil and gas sector
The effective management of assets requires a powerful platform that can deal with all the issues and problems related to the asset. Biz4intellia is one of the most powerful platforms which provide almost every type of IoT solution requires to manage the important aspects of the oil and gas industry. The assets can be tracked and monitored effectively with the help of devices and sensors provided by the company and increase the efficiency of operations. Biz4intellia provided end-to-end IoT solutions to manage every asset in the oil and gas sector. The real-time monitoring system developed by the company has potential to generate useful insights to monitor every asset accurately. The applications developed by Biz4intellia help to control the assets remotely on the basis of real time monitoring.
Management of assets in the oil and gas industry is equally important as other process to increase efficiency as well as profit. Biz4intellia is an end to end IoT platform to look for every asset monitoring solution related to the oil and gas industry. Various applications of asset monitoring such as temperature monitoring and asset condition monitoring can be very helpful in managing the assets related to the oil and gas industry. The company also offers custom branded solutions for other industries as well. The asset management process holds great significance and can contribute to the overall revenue generation in the company by improving the efficiency of processes greatly.