Infographic: Asset Integrity: Clear and Present Danger

Aug 03, 2016, 07:31 ET from Asset Integrity Management Summit

LONDON, August 3, 2016 /PRNewswire/ --

In a low oil price environment, oil and gas operators are now engaging in price-responsive strategies and the optimisation of existing assets. In the North Sea, many of these operating companies are looking at ways to re-evaluate maintenance, inspection and HSE practices to make ends meet. The following statistics are just part of an infographic created from a recent survey of thousands of asset integrity professionals working in the field today.

The results prove to be scary reading for those currently working on North Sea assets and paint quite a negative picture of the state of Asset Management in the North Sea oil and gas sector.

More than half of asset integrity professionals have had their budgets cut in the past year, 58 per cent of the same segment of people have said that falling oil prices will affect the standard of asset integrity delivery in their company.

When asked "How robust is your company's asset integrity programme from 1-10 with 1 being "terrible" and 10 being "excellent" the average result was only 5.4! With 58% deeming their own asset integrity programmes below a 5 out of ten!  With oil prices mooted to stay below $80 a barrel for as long as three years, how much worse could asset integrity confidence and performance get?

Worryingly 51% of those asked have had the remit of their job expanded since the downturn which is likely due to job losses over recent years.  48% firmly believe or are not sure if this expansion is sustainable.  So the question is, are they being driven to breaking point?  Will costly potentially deadly mistakes be made due to this extra workload?

Our infographic also asks questions about what they feel is their company's greatest weaknesses are, as well as what they feel are the greatest challenges facing the industry as a whole in these difficult times.     View the full infographic here:

If you want to know more about Asset Integrity Management we have invited the leaders of Asset Management from across the North Sea, plus the Directors of the newest and most innovative industries to attend our Asset Integrity Management, Aberdeen Summit between 26th-27th September 2016.  View the agenda here:

Please contact Richard Jones on +44(0)20-7036-1300 or email should you have any questions or for the infographic or agenda to be emailed to you or if you would like to apply for a complimentary press pass.

SOURCE Asset Integrity Management Summit