Oil and Gas Asset Tracking Requirements

The modern oil and gas industry is a complex web of exploration, production, and refining operations. To make sure these processes run smoothly, operators rely on asset tracking systems to keep tabs on their equipment. Here are some oil and gas asset tracking requirements for a system and and the benefits they can offer.

Inventory Management for Oil and Gas

Oil and gas businesses need to be especially diligent when it comes to inventory management. Given the volatile and often unpredictable nature of the industry, it’s critical to always know exactly what you have on hand, and when you need to purchase more. That way, you can avoid potential disruptions in your supply chain. To that end, effective inventory management is an asset tracking requirement for oil and gas businesses. It entails knowing how to store your inventory properly and allocating it in the most efficient way possible.

There are many examples of inventory management for oil and gas companies. One example is the company ExxonMobil, which has an online system that helps managers track the inventory of their products. This system allows managers to see the location of their products, the quantities of each product, and the status of each product. They can also create orders and invoices, and track customer information. Another example is the company Chevron, which uses a software called “Pipeline” to manage its inventory. This software helps managers track the movement of their products and keep track of customer orders and invoices.

Very few asset tracking systems include inventory management as a part of their offering. This is where Sitehound differentiates. By having a completely configurable asset tracking and management system, you can create workflows to manage your inventory including spare inventory. Notifications can be configured to notify minimum and maximum alerts on your inventory and to request a purchase or transfer. You can pick, pack and ship using Sitehound and even give access to a subset of your workforce such as contractors to track pick ups, movement of the items and delivery or installation of the equipment. This allows for complete visibility of your assets by your employees and contractors. Inventory management is only one asset tracking requirement for oil and gas.

Maintaining Oil and Gas Assets

Oil and gas companies are sitting on a goldmine of valuable assets. By ensuring the proper managing and accounting for assets, it is essential for businesses in this industry to have a comprehensive asset tracking system in place. This includes keeping track of assets, managing work orders, and dealing with unexpected events are only some asset tracking requirements.

Maintaining begins with the initial installation of new production equipment. When recorded in an asset tracking system with the details of when it was first installed, placed into production and warranty information, you can then set up triggers and notifications to alert you when things go wrong. While some are parts of the equipment are replaceable regularly as part of a maintenance schedule, others may only require servicing when they break down. In both cases, an asset tracking system will help you to keep on top of things, and ensure that your production equipment is always in good working order.

Include in your system for asset tracking requirements the following maintenance activities:

• Developing and implementing maintenance programs for oil and gas production equipment
• Inspecting and repairing production equipment
• Overseeing the installation of new production equipment
• Coordinating the activities of maintenance personnel
• Maintaining records of maintenance activities
• Ensure employees are following safety procedures

With Sitehound integrations, you can easily connect third party systems such as a ticketing or work order system to trigger maintenance activities. You can utilize Sitehound as the interface for your employees to manage the ticket or work order, so they don’t have to jump between systems.

How can GIS Tracking help?

Making sure your assets are where they are supposed to be is essential for any company, but it’s especially important in the oil and gas industry. If an oil rig is even a few miles off course, it can cause serious environmental damage. That’s why another asset tracking requirement is GIS tracking for the oil and gas industry. With GIS tracking, companies can see exactly where their assets are always. This helps them avoid accidents and keep track of their inventory. It also allows them to see where their assets are going, which is helpful for planning purposes.

GIS tracking can also help the oil and gas industry by providing a way to track and manage oil and gas resources. It can also help to identify potential areas for exploration and development. Additionally, GIS tracking can assist in the coordination of activities between different parts of the industry, such as between drilling operations and transportation logistics. These are only a few benefits this asset tracking requirement can offer.

How Oil and Gas Companies Save Money?

By having a system with these asset tracking requirements, oil and gas companies can save money. This can be done by using GPS to track the location of their vehicles and equipment. By knowing where their assets are always, they can make sure that they are being used efficiently and not sitting idle. Additionally, this information can help them plan their routes and schedules more effectively, which can lead to fuel savings. It will also help companies avoid costly repairs and replacements. Additionally, it can help them prevent accidents and environmental disasters.

For example, if a company knows that a certain piece of equipment is in a specific location, they can make sure that it is used properly and not damaged. Additionally, by tracking their assets, companies can ensure that they are not overpaying for services or products.

Sitehound is completely configurable with options to add forms and fields for field data collection as needed. You can track the complete lifecycle of the asset with Sitehound and with user permissions, grant access as needed. Warranties are tracked in Sitehound to ensure asset maintenance and warranty utilization before they expire. All combined, this helps oil and gas companies save money.

How can Sitehound Help with these Asset Tracking Requirements

Prior to the development of modern asset tracking technologies, oil and gas companies relied on a variety of methods to keep track of their assets. These methods included paper records, spreadsheets, and manual entry into databases.

However, these methods were often inaccurate and time-consuming. This led to lost or misplaced assets, as well as delays in getting products to market.

With the development of new asset tracking technologies, oil and gas companies can now track their assets with much greater accuracy. These technologies include GPS tracking and barcodes and are an asset tracking requirement.

GPS tracking is perhaps the most popular form of asset tracking for oil and gas companies. GPS tracking devices on vehicles, equipment, and pipelines help to track their location in real-time. This information is then used to optimize routes and schedules.

Barcodes are a tried-and-true method of asset tracking still used by many oil and gas companies. Barcodes can be placed on assets and scanning using handheld scanners or fixed-site scanners. This information then helps track the location of the assets and optimize routes.

Sitehound can help oil and gas companies implement these asset tracking requirements. Our asset tracking solutions tracks vehicles, equipment, and pipelines. We can also provide reports that show the location of assets in real-time. This information helps to optimize routes and schedules.

Find more info on this topic.

To learn more about our asset-tracking solutions, contact us today.