Home > Insights > Understanding the GAP with Asset Management

Technical Insight

Understanding the GAP with Asset Management

It is inevitable that decisions about upgrades, decommissioning, replacements, and strategy adjustments will need to be made throughout an asset’s life cycle. There are multiple factors that must be considered within this decision-making process, but sometimes, owners and operators do not have access to the knowledge or data required to ensure the correct outcome is achieved.

Managing Ageing Infrastructure 

Future demands on the assets can have a significant affect on the original operating context. These demands can be driven from various external sources be it political, environmental or even legal requirements as well as immediate production demands driven from expansions or even decommissioning.  

With ageing infrastructure, the environment plays a significant factor into the failure modes and mechanisms assets experience. In order to provide a regulated and proactive approach that will produce the necessary information and key data insights to support any future decisions, it is essential to have the correct management strategy in place. Asset management can aid owners and operators of assets in assuring integrity, maximised performance, and legal and safety compliance over the course of an asset’s lifetime by controlling the risks connected to the critical infrastructure.

First Steps for Asset Success

Oil and gas asset management covers a range of service option that can be used to help clients affirm the safety and reliability of their operations, whether it is through Operational Maintenance Decision Making, Life Cycle Delivery, Risk and Review or Strategy and Planning. The first step to ensuring you are making the most out of your asset is understanding the gap in knowledge and or data that exists within your company and then taking a proactive approach to seek support that can help you overcome and close these gaps to mitigate risk and failure in the future.

The Asset Management consultancy group at Penspen work hand in hand with our other service lines; engineering, project management and asset integrity to provide comprehensive solutions for our clients to ensure that they are making the most of their assets.

For more information on how we can support you in managing your assets now and in the future, get in touch with one of our asset management experts below.

Contact Us

Related Insights

A silhouette of an oil wellhead
Find Out More
19-09-2025

Reliability Centred Maintenance: Safeguarding Operations by Managing the Consequences of Failure

Maintenance is often viewed as a costly necessity, yet it is fundamental to ensuring that assets and systems continue to deliver their intended functions safely, reliably, and efficiently. In a...

Learn More
A banner featuring a photo of a woman with two children and the words Meet Israa
Find Out More
17-09-2025

“Technology never stops evolving”: Our People – Israa

Ahead of Saudi National Day 2025, Israa shared why she chose Penspen to build her career in the Kingdom of Saudi Arabia, and why she’s so proud of the projects Team Penspen are delivering in the...

Learn More
A photo of men in high vis PPE and the caption Meet Rick
Find Out More
21-08-2025

Training Tomorrow’s Talent: Our People – Rick

In this Our People feature, Rick tells us about the journey from apprentice to leading Penspen’s training team, as well as how a three-month sabbatical travelling the world gave him a new-found...

Learn More
Image of oil and gas processing plant with pipeline values in an industrial zone.
Find Out More
19-08-2025

Repurposing: Pass or Fail?

In the August issue of World Pipelines, Penspen’s Integrity Engineers Luke Fahy and Ben Cowell and Executive Vice President of Technical Excellence Nigel Curson delve into one of the most pressing...

Learn More
Penspen
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.