Enterprise Asset Management (EAM) system for oil and gas is a critical piece of infrastructure for energy companies. Without EAM, it can be difficult for oil Exploration and Production (E&P) companies to keep track of assets, manage work orders and schedules, and ensure compliance with safety and regulatory requirements.
This guide looks at how Enterprise Asset Management helps oil and companies overcome today’s challenges. We’ll use HxGN EAM (formerly Infor EAM) as our go-to tool for this guide!
HxGN EAM is Hexagon’s best-in-class, SaaS-based asset management solution for tracking assets, digitalising maintenance operations, and enabling customers in nearly any industry to reach optimum operational efficiency.
This powerful enterprise asset management system streamlines an organisation’s preventative maintenance process, condition monitoring and asset reliability. As a result, organisations that use HxGN EAM software see increased uptime for their assets, amongst other numerous benefits of EAM.
10 Ways Enterprise Asset Management is Helping Oil and Gas Companies Succeed
Here are 10 ways that EAM is helping oil and gas companies succeed:
1. Maximising the reliability, uptime, and performance of assets
You’d agree that for any upstream oil and gas company, having their assets in optimal condition is key to success.
EAM systems like HxGN EAM help organisations do just that by managing all their asset data in one place maximising the reliability, uptime, and performance of assets.
The EAM software’s predictive maintenance capabilities enable organisations to identify potential problems with an asset before they occur, schedule the necessary repairs, and avoid unplanned downtime.
2. Predicting equipment failure and performing preventative maintenance
Forward-thinking exploration and production firms are known to take a proactive approach to asset maintenance.
HxGN EAM’s predictive maintenance capabilities enable organisations to identify potential problems with an asset before they occur, schedule the necessary repairs, and avoid unplanned downtime.
This helps improve equipment reliability and reduces the need for emergency repairs, which can be both costly and time-consuming.
3. Streamlining asset purchasing and procurement
Acquiring new assets is a complicated and costly process. Hexagon’s asset management software solution helps in streamlining this process by providing a single source of truth for asset data and integrating with an organisation’s purchasing and procurement systems.
This not only saves time but also reduces the costs associated with purchasing new assets and makes the procurement process more seamless.
4. Efficiently tracking and scheduling maintenance
Keeping track of all the assets in an organisation and their maintenance schedule can be a daunting task.
With its complete asset lifecycle management capabilities, HxGN EAM make it easier for organisations to track and schedule maintenance by digitalising work orders and automatically scheduling the necessary repairs and preventive maintenance
This innovative solution automates maintenance processes thereby allowing upstream energy companies to focus on more important things – like maximising production.
5. Tracking of labour costs
One of the benefits of using EAM systems is the ability to track and manage labour costs.
HxGN EAM’s labour tracking capabilities enable organisations to track the hours worked by employees, the type of work being performed, and the associated labour costs.
This information can be used to improve workforce productivity, optimise maintenance processes, and reduce labour costs.
6. Efficiently monitoring asset condition
Monitoring the condition of assets is critical to ensuring their reliability and uptime.
HxGN EAM’s condition monitoring functionality enables organisations to track the condition of their assets in real-time and identify potential problems before they occur.
This helps organisations avoid unplanned downtime and improve the overall efficiency of their asset management processes.
7. Reducing downtime
If an asset is not operational, it cannot generate revenue. Therefore, downtime has a tangible impact on production, revenue, and an asset’s lifecycle costs. This is why it is vital to track downtime data to spot and remedy problematic trends accurately.
Hexagon EAM’s downtime tracking solution displays a list of all work orders and/or equipment where Downtime Costs or Hours exist on the header. You can enter the Equipment, Department, Assigned To, Priority, and Organisation, and specify the Start Date and End Date for which to begin and end tracking the downtime for the equipment.
By tracking downtime, you can quickly identify causes of downtime and take steps to remedy the situation, improve maintenance improvement, generate a dynamic maintenance report, and calculate the Overall Equipment Effectiveness (OEE).
8. Extending asset life and increasing efficiency
The software’s condition monitoring functionality enables organisations to track the condition of their assets in real-time and identify potential problems before they occur. This helps organisations improve the overall lifespan and efficiency of their assets.
This means going from reactive to proactive maintenance operations. As a result, your equipment or machinery runs more smoothly and for a longer time, avoiding or at least delaying the costly process of replacement while improving production rates.
9. Efficiently managing spare parts inventory
Spare parts inventory management is a critical part of asset management.
HxGN EAM comes with tools for managing the procurement, receipt, storage, and issuance of spare parts.
Oil and gas companies have been using these tools to streamline spare parts inventory management, reduce costs, and improve asset availability.
10. Improving safety and compliance
Safety is of paramount importance in the oil and gas industry. Complying with legal and environmental regulations is critical to the success of any organisation operating in this sector.
HxGN EAM allows you to keep track of maintenance records for presenting to authorities. You can also generate safety reports and compliance audits.
This helps organisations improve their safety records and reduce the chance of costly accidents and incidents.
The oil and gas industry is a complex and dynamic sector. To be successful, organisations need to have a robust and efficient asset management system in place.
HxGN EAM is a comprehensive software solution that enables organisations to effectively manage their assets throughout their lifecycle.
The software’s wide range of features and functionality can help organisations in the oil and gas industry to improve their asset management processes, extend asset life, reduce downtime, and improve safety and compliance.
If you would like to learn more about HxGN EAM, please get in touch with us. We would be happy to discuss your specific needs and requirements.
Book a free Oil & Gas consultation call
With more than 100 years of combined experience, our team is ready to take on your Oil & Gas Asset Management needs. We understand the challenges of your industry and are ready to help you overcome them.
To get started, schedule a free consultation call today to see how we can help you