Best Practices for Asset Management in the Oil Industry

The oilfield service business demands that your company own a lot of assets. From an infinite number of equipment to repair materials, it’s very difficult to keep track of all your assets without suffering some sought of complication. All it takes to manage your assets is to inculcate best practices to help you keep an eye on your growing list of equipment.

Check out three key best practices for managing your assets:

1. Know Your Assets

With a large number of heavy equipment on site, it’s easy to lose count of smaller items going forward. The very first step to proper asset management is to keep stock of all equipment, big or small. Keeping track of all equipment purchased for various operations will always bring you up to speed with the number of assets you have on the ground.

It’s best to always have a clear distinction between assets and items of work to help you communicate better with clients and keep track of work done.

2. Keep Track Of the Locations of Your Assets

It’s a common practice to leave heavy duty equipment at a job site, warehouse, service yard or even moving them regular between two job sites. It is your company’s duty to have a stand out inventory control that tracks the real-time location of all your assets.

As your company grows, with a large number of demands from clients in different locations, you would have no choice but to shuffle your equipment between job sites, and can only keep good track with the appropriate inventory.

3. Always Keep To Requisite Regulations of the Industry

It’s no news that the oil and gas industry has stringent rules and regulations guiding every operation of an oilfield service company. There are regulations that require regular inspections and renewals of your team, machinery, and method of operations. These agencies will review your procedures and if you are found wanting, you may lose your license.

There is software that can help you keep track of your drivers, technicians, and equipment. You can also monitor important schedules, expirations and renewals to keep your team on track always.

Wrapping It Up

Running an oilfield service company comes with a lot of challenges, but asset management is a procedure that directly affects the progress of the company.

Following the right practices for asset management will not only impact positively on your business but will ensure the continuous growth of your company.  Also, make contingency plans for equipment replacements, upgrade and other management expenditure to prevent downtime in cases of emergencies.

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