Petroleum Industry Value Chain Optimization: The Inevitability of Midstream and Downstream Development. Asset Management and Information
Authors: Ojuekaiye Olusegun Samuel 
Published: August 2024

Asset management, a process that encompasses recording, data collection, reporting, and documentation of assets, is crucial for supporting operational activities, in maintenance, repair, and procurement. It is a systematic initiative within an organization aimed at identifying, monitoring (cataloguing), categorizing, and attributing ownership to organizational assets throughout their lifespan. The primary goal is to safeguard these assets, preventing the introduction of unforeseen risks. These assets encompass various elements such as technology and other business-related hardware, physical infrastructure, personnel, and other tangible items. Information management, on the other hand, is an organizational initiative designed to oversee the people, procedures, and technology responsible for regulating the structure, processing, delivery, and utilization of information essential for managerial, operational, and business intelligence purposes. This abstract explores the integral relationship between Asset Management and Information, emphasizing their collective impact on organizational efficiency and longevity. Systematic planning, acquisition, utilization, and disposal of assets to maximize their value. Whether tangible, such as infrastructure and equipment, or intangible, including intellectual property and data, a robust Asset Management strategy ensures optimal utilization and longevity. The incorporation of technology-driven solutions facilitates the automation of asset tracking, maintenance, and performance monitoring, empowering organizations with proactive decision-making capabilities and minimizing downtime. In the digital age, Information emerges as a potent currency, transforming data into a valuable asset when strategically harnessed. The synergy between Asset Management and Information lies in the ability to convert raw data into actionable insights for informed decision-making. The integration of advanced analytics and artificial intelligence into Asset Management processes empowers organizations to predict asset performance, optimize maintenance schedules, and enhance overall operational efficiency. Further into this symbiotic relationship, the research will employ a comprehensive approach, leveraging a combination of qualitative and quantitative methods. Qualitative analysis will involve in-depth case studies, providing an understanding of successful Asset Management and Information integration strategies. Qualitative analysis will utilize secondary data analytics to assess the impact of integrated systems on operational efficiency and financial performance. Real-time data analytics enables organizations to identify potential risks associated with asset performance, regulatory compliance, and market dynamics. This proactive approach allows for timely interventions, reducing the likelihood of disruptions and financial losses. Additionally, a well- integrated information system facilitates compliance with industry standards and regulations, safeguarding the organizations reputation and ensuring long-term sustainability. Therefore, this abstract emphasizes the critical role of Asset Management and Information integration in optimizing organizational performance. This research will employ a comprehensive methodology, combining qualitative and document review approaches to provide a holistic understanding of the impact of integrated systems. The findings aim to contribute valuable insights to organizations seeking to enhance their asset management practices in an increasingly digital and dynamic business environment.