_________________________________________________________________________________________ Asset
Management g ent
Implementing effective asset management in the oil and gas sector is a complex and multi-faceted task . From exploration and drilling to production , processing and transportation , it requires deploying a long list of mechanical and electrical equipment , often in hard-to-reach places such as offshore platforms . Then , there is the consideration of accelerated aging in corrosive atmospheres , all while complying with a rigid regulatory environment to ensure safety and protect vulnerable ecosystems .
No wonder that oil and gas companies spend a significant part of their revenues managing assets on platforms , rigs , and pipelines - ensuring their ability to function efficiently . In this context , Enterprise Asset Management ( EAM ) is an invaluable tool that allows oil and gas companies to efficiently manage physical assets and infrastructure throughout their lifecycles - from design and procurement to maintenance and disposal . Indeed , the latest research says that the global oil and gas EAM market is growing by approximately seven percent per year ( CAGR ) and will reach a predicted annual value of $ 6.2 billion by 2032 . That ’ s quite some outlay at a time when many organizations are trying to streamline operations to boost returns .
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