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 key benefit of oil and gas asset management is cost reduction. By implementing proper asset management strategies, companies can minimize downtime, improve asset utilization, and reduce maintenance costs. This, in turn, results in better financial outcomes for companies operating in the oil and gas sector.
Furthermore, effective asset management can also enhance risk management. Oil and gas companies often operate in complex and high-risk environments, facing numerous challenges and uncertainties. By carefully monitoring and managing their assets, companies can identify potential risks early on and take proactive measures to mitigate them. This not only protects the safety of the workforce but also safeguards the environment and ensures compliance with regulatory requirements.
In addition, oil and gas asset management can also contribute to enhancing overall operational efficiency. By utilizing advanced technologies and tools, companies can monitor the performance of their assets in real-time, identify inefficiencies, and make data-driven decisions to optimize operations. This not only improves productivity but also enhances the overall competitiveness of companies in the global energy market.
Another significant benefit of asset management in the oil and gas industry is asset lifecycle management. Oil and gas assets are typically long-term investments that require careful planning and management throughout their lifecycle. By effectively managing the entire lifecycle of assets – from acquisition and installation to operation and decommissioning – companies can maximize the value of their assets and achieve sustainable growth in the long run.
Moreover, oil and gas asset management can also support sustainability and environmental initiatives. By implementing asset management practices that prioritize resource efficiency, emissions reduction, and waste minimization, companies can minimize their environmental footprint and contribute to a cleaner and more sustainable energy future. This not only meets the increasing demand for responsible business practices but also enhances the reputation and credibility of companies in the eyes of stakeholders.
Overall, oil and gas asset management is a critical component of the energy industry that offers numerous benefits to companies operating in this sector. From cost reduction and risk management to operational efficiency and sustainability, effective asset management can help companies optimize their performance, maximize profitability, and remain competitive in a rapidly evolving market. By embracing advanced technologies, adopting best practices, and prioritizing asset lifecycle management, companies can unlock the full potential of their assets and drive sustainable growth in the years to come.
In Conclusion
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