Paper: For Oil Gas Producing Properties

Market competition, shareholder returns, declining product price, technology, safety and environmental legislation continually challenge the oil and gas industry. An additional challenge faced by many oil and gas producers is effectively maintaining equipment to acceptable levels in order to sustain production targets. Asset reliability has become a focal point of discussion both domestically and internationally. Asset reliability can become a significant liability to the owner if the equipment is not in a state of production readiness or if an unforeseen catastrophic safety or environmental event occurs. Many industry leaders are successfully meeting the challenge by adopting reliability based asset management. Today, industry organizations have successfully aligned their business plan with reliability management. The results are very impressive. This paper will examine common threads, which tie reliability asset management with corporate business goals.