Development of strategic asset management planning in the petroleum industry

Abstract

Purpose Due to the certain risk carried in offshore petroleum installations, the integrity of these installations needs to be maintained at all times. Thus, asset integrity management (AIM) needs to be formulated and monitored to achieve the integrity objective. The purpose of this paper is to study the practices and progression of strategic AIM planning in the petroleum industry. Design/methodology/approach The paper is written based on a literature study, observations and data collected from industry practitioners through an online questionnaire and interviews to study the AIM practices in their organization. Validation of the results is performed through respondents’ reviews and cross-referencing with existing literature and supplemental data. Findings The paper identifies, analyses and validates the work structure in formulating an AIM strategic plan. Research limitations/implications Even though the research focuses on the AIM practices of offshore petroleum installations, the result can be implemented in similar fields. Originality/value Researchers or practitioners can benefit from the knowledge gained of current practices and the presented work structure in establishing an AIM strategic plan.