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Smart practices
Proper asset management is a prerequisite for any operation, allowing operators to properly manage risks.
In both upstream and downstream, the integrity and reliability of oil and gas assets is always important, but the strains imposed on budgets by the current financial climate means that operators must be even smarter when it comes to managing risks.
Proper asset management is a prerequisite for any operation. Through Asset Integrity Management there is the potential to increase reliability and availability and, hence, reduce unplanned, reactive and often highly costly events. Asset integrity management provides thorough knowledge of the condition of a plant or platform's critical equipment and an understanding of its repair and replacement needs.
The importance of effective asset integrity management increases as the industry infrastructure continues to age. Even without the current economic pressures, low margins in the downstream industry have forced refiners to focus on high availability and capacity utilization, as well as developing approaches for securing asset integrity and reliability.