Simplifying the Drilling and Refining Process with Asset Management

For those in the oil refining and drilling business, you know that the recipe for getting the job done entails a few key ingredients. First, your site has to be safe and secure for the workers cover long shifts, often in dangerous environments. Next, the job has to be on time and on budget. Otherwise, the higher ups, and even the government, can get involved, making your job even harder than it already is. However, you still have some allies, like a proper asset management system, in the workplace who can help you handle the struggles of the drilling and refining process.

A Rugged Setting

Taking a look at a specific scenario can help illuminate the need for proper asset tracking at your next jobsite. According to, a leading trend analysis and news website for the oil industry, the total costs for building and maintaining the Beaufort Sea oilrig in Alaska was approximately $2 billion. The maintenance costs, including repairs, replacements, and daily upkeep tallied in at $15,000 a day. This included running three crews on a 24-hour rotating shift. In short, managing a drill site can be a major drain on your budget that might spiral out of control without the proper management and forward thinking.

Easing the Workload and Emphasizing Safety with Asset Panda

To stop these problems, consider a fixed asset management system like Asset Panda. With this app on your phone, you can add numerous versatile tools to your decision-making capabilities throughout the day. To start, the app creates a comprehensive database that covers every piece of a drill string, and all of the accessories like collars, plugs, and couplings. For all of those vital assets, you can build custom entries detailing amounts, purchase values, replacement costs, and even custom voice notes. This way, you and your fellow rig workers are never in the dark on who has used what, and if something is ready for work use or in need of repairs.

Perhaps the strongest benefit of switching to Asset Panda to help organize the worksite is the flexibility of this virtual tool. Unlike its spreadsheet and form predecessors, the Asset Panda database does not share the same desktop hindrances. Where these old asset management systems require you to sit in front of a standard computer, thus keeping you off the work floor and out of the loop, your mobile database offers instance access from your phone or tablet. Additionally, you can make adjustments to entries in real time, as well as view adjustments from other members of the team.

Implications of an Asset Management System

Once you have your database rolling, you can stand back and see a change in the culture of your oilrig jobsite. Instead of workdays slowing down with every question or asset related problem. Your workers can handle these issues with speed and efficiency by consulting the database. From here, smart decisions regarding repairs and replacements can come out faster, leading to a more productive day that has benefits that reach far into the future. For companies on a tight budget or looking to get back on track with spending, Asset Panda can provide all the tools necessary to put these goals within reach.

For your contract budget, cutting costs while maintaining efficiency and results is the name of the game. By improving your decision-making abilities with Asset Panda, you can realize some serious savings over the duration of the contract. For every entry you log in the database, you can grow more confident when it comes time to either repair or replace an asset. Pulling the plug on a tool or job related device used to be a frustrating decision based on assumptions and guesses. However, you can now hand your bosses hard data that supports your decision and help save money in the long run. From your work crew to their budget, everyone can enjoy the benefits of increased productivity and better long-term decisions.


Krista has developed a passion for operational strategy via KPI management, streamlined processes, implementation of automation systems, and scaling Asset Panda. When she isn't attempting to help take the company to new heights, she enjoys spending time with her family, gardening, playing golf, cooking, and a good glass of wine.

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