Oil and Gas Asset Management Statistics

Oil and Gas Asset Management Statistics 2023: Facts about Oil and Gas Asset Management outlines the context of what’s happening in the tech world.

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Top Oil and Gas Asset Management Statistics 2023

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Oil And Gas Asset Management “Latest” Statistics

• Getac F110’s innovative electronic mustering procedure provides a quicker, more effective, and more trustworthy means to count individuals than the techniques that were previously employed, leading to 25% faster muster times.^[1]
• Revenue from one Anglo-Dutch corporation, royal dutch shell, is now equal to 84% of the Netherlands’ GDP.^[2]
• About 14% of the world’s gas production and 74% of Russia’s gas production are carried out by Gazprom.^[2]
• Exhibiting considerable development potential. Total is expected to expand its output by 9% in 2019 after growing its production by 8% in 2018.^[2]
• Saudi Aramco claims that since its first crude oil export in 1939, it currently accounts for 12% of global output or one out of every eight barrels of oil produced worldwide.^[2]
• 20.5 million barrels of petroleum a day in 2018 is over 7.5 billion barrels over the course of a year and 22% of the world’s total petroleum consumption.^[2]
• Sinopec is the largest oil company in Beijing, with $377 billion in annual revenue.^[2]
• Limiting emissions to a maximum of 25%, discover how the motor oil group transformed into a digitally focused, integrated energy giant that provides a superior customer experience.^[3]
• According to industry norms, an organization may save around 10%-30% of its operational costs with a good asset management plan.^[4]

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How Useful is Oil and Gas Asset Management

One of the primary reasons why oil and gas asset management is so crucial is due to the sheer scale of investments involved in extracting, processing, and delivering these resources. Oil and gas assets are often high-value investments that require precise planning and execution to ensure that they generate maximum returns. From drilling rigs to pipelines, storage facilities to transportation networks, all of these assets need to be carefully monitored and maintained to prevent breakdowns, minimize downtime, and ultimately, optimize operational efficiency.

By implementing robust asset management practices, companies can streamline their operations, reduce costs, and improve overall performance. For example, predictive maintenance techniques can help identify potential issues before they lead to equipment failures, thereby increasing the lifespan of assets and cutting down on expensive repairs. Asset tracking systems can also provide real-time data on the status and location of assets, allowing companies to make informed decisions about resource allocation and utilization.

Furthermore, oil and gas asset management is essential for ensuring regulatory compliance and environmental sustainability. The energy industry is subject to stringent regulations aimed at protecting the environment and ensuring the safety of workers and nearby communities. By monitoring and maintaining their assets effectively, companies can mitigate the risk of costly fines and penalties while also minimizing their impact on the environment. From leak detection systems to emissions monitoring, asset management plays a key role in helping companies meet their legal obligations and demonstrate their commitment to sustainable practices.

Another benefit of effective oil and gas asset management is the ability to optimize production and maximize resource recovery. With advances in technology and data analytics, companies can now analyze vast amounts of data to identify patterns, trends, and inefficiencies in their operations. By harnessing this information, companies can make more informed decisions about when and where to produce oil and gas, how to transport it, and when to decommission assets that are no longer economically viable. This data-driven approach can significantly increase productivity and resource recovery, leading to higher revenues and profitability in the long run.

In conclusion, oil and gas asset management is a critical function for companies operating in this sector. By implementing effective asset management practices, companies can enhance operational efficiency, reduce costs, ensure regulatory compliance, and maximize resource recovery. In an industry where the stakes are high and competition is fierce, companies that invest in robust asset management strategies will be better positioned to succeed in an increasingly complex and dynamic market.

Reference

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1. getac – https://www.getac.com/us/industries/oil-gas/
2. oilandgasiq – https://www.oilandgasiq.com/strategy-management-and-information/articles/oil-and-gas-companies
3. sap – https://www.sap.com/industries/oil-gas.html
4. tcs – https://www.tcs.com/blogs/predictive-asset-management-in-the-oil-and-gas-industry