Are you looking to add Oil and Gas Asset Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Oil and Gas Asset Management statistics of 2024.
My team and I scanned the entire web and collected all the most useful Oil and Gas Asset Management stats on this page. You don’t need to check any other resource on the web for any Oil and Gas Asset Management statistics. All are here only 🙂
How much of an impact will Oil and Gas Asset Management have on your day-to-day? or the day-to-day of your business? Should you invest in Oil and Gas Asset Management? We will answer all your Oil and Gas Asset Management related questions here.
Please read the page carefully and don’t miss any word. 🙂
On this page, you’ll learn about the following:
Best Oil and Gas Asset Management Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 16 Oil and Gas Asset Management Statistics on this page 🙂- Corrosion contributes to about 25% of failures experienced in oil and gas production industry, while more than 50% of this failure is associated with sweet and sour corrosions in pipelines. [0]
- Research shows that between 1980 and 2006, 50% of European, major hazards of loss containment events arising from technical plants failures were primarily due to ageing plants mechanism caused by corrosion, erosion, and fatigue [4, 5]. [0]
- In the oil and gas company, corrosion accounts for over 25% of assets failure [7] and is found to be prevalent in every stage of the production cycle. [0]
Oil and Gas Asset Management Latest Statistics
- Estimated oil and gas investments across the value chain and by type from 2019 to 2021, with a forecast until 2024. [1]
- Available to download in PNG, PDF, XLS format 33% off until Jun 30th. [1]
- According to a recent report, global wireless sensor network revenues for oil and gas exploration, production and pipeline operation will reach $2.2 billion with asset management expected to be the fastest growing IoT application. [2]
- For example, the probability of human error with manual data entry is between 18% and 40%. [2]
- According to a Kimberlite research, just 3.65 days of unplanned downtime a year can cost an oil and gas company $5.037 million. [2]
- On average, the fund holds 1.3 percent of all of the world’s listed companies. [3]
- Since 1998 the fund has generated an annual return of 6.62 percent, or 8,007 billion kroner. [3]
- In the first quarter of 2024, the Government Pension Fund Global returned 4.9 percent, equivalent to. [3]
- This involves the minimization of NPT which accounts for about 20–30% of operation time needed from exploration to production. [0]
- An analysis of the five major oil and gas companies shows that plant, property, and equipment on average accounts for 51% of the total assets with a value of over $100 billion [1]. [0]
- A study shows that corrosion cost in US rose above 1$ trillion in 2012 accounting for about 6.2% of GDP hence, the largest single expense in the economy [6]. [0]
- The remaining life of the pipeline is estimated against some established operational standards, while the rate of corrosion is correlated with the operating parameters of the oil and gas like CO2, H2S, temperature, pressure, flow rate, water cut and so forth. [0]
- This accounts for about 15 percent of all domestic oil production and 2 percent of domestic natural gas production. [4]
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Reference
- hindawi – https://www.hindawi.com/journals/isrn/2012/570143/.
- statista – https://www.statista.com/statistics/1263326/global-oil-and-gas-investments-by-sector/.
- behrtech – https://behrtech.com/blog/digital-oilfields-and-the-rise-of-integrated-asset-management/.
- nbim – https://www.nbim.no/.
- boem – https://www.boem.gov/oil-and-gas-energy.
How Useful is Oil and Gas Asset Management
One of the key aspects of oil and gas asset management is the optimization of production processes. By effectively managing assets, companies can ensure that their operations run smoothly and efficiently, minimizing downtime and maximizing productivity. This can help organizations to avoid costly disruptions and delays that can affect their bottom line.
Furthermore, proper asset management can also help companies to reduce operating costs and improve overall profitability. By effectively tracking and monitoring assets, organizations can identify areas where resources are underutilized or being wasted, allowing them to make informed decisions on how to best allocate resources and improve efficiency.
Oil and gas asset management also plays a crucial role in ensuring the safety and sustainability of operations. By maintaining assets in optimal condition and complying with industry regulations and standards, companies can minimize the risk of accidents and incidents that can harm employees, damage the environment, and tarnish the company’s reputation. Proper asset management can also help companies to identify and address potential risks before they escalate into serious problems, preventing costly remediation efforts and legal liabilities.
In addition, effective asset management in the oil and gas industry can help companies to make strategic decisions about asset acquisitions, divestitures, and enhancements. By leveraging data and analytics to assess the performance and value of assets, organizations can make informed decisions that align with their overall business objectives and goals. This can help companies to prioritize investments, optimize asset portfolios, and ensure long-term sustainability and growth.
Oil and gas asset management is also essential for ensuring regulatory compliance and transparency. With increasing scrutiny from regulators, investors, and stakeholders, companies in the energy sector must maintain accurate records and documentation of their assets to demonstrate compliance with industry regulations and standards. Proper asset management practices can help organizations to stay ahead of evolving regulatory requirements and maintain trust with key stakeholders.
Overall, oil and gas asset management is a critical function that underpins the success and sustainability of companies in the energy industry. By effectively managing their assets, organizations can improve operational efficiency, reduce costs, enhance safety and sustainability, make informed strategic decisions, and maintain compliance with regulations. As the energy sector continues to evolve and face new challenges, the importance of oil and gas asset management is only set to grow in importance.
In Conclusion
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