Digital asset life cycle management

Digital asset life cycle management

Digital asset life cycle management

Digital asset life cycle management initiatives rely first on specialized sensors to capture real-time information from physical assets, and subsequently on cloud-based analytics to process this data. The decreasing cost and increasing power of these technologies is enabling the Oil and Gas industry to do more at the well site itself, giving rise to new operating models. One such concept, applicable in high volume locations such as US lower 48-states upstream sector (unconventional shale operations), could be the introduction of platform-based models to the oilfield. In this scenario, the well can be considered as the customer, with users and multiskilled workers equipped with digital wearables (e.g. mobility apps and smart glasses) as platform suppliers. An unmanned control centre, powered by artificial intelligence (the platform itself), coordinates operations in real time, bringing together supply and demand. Operating models of this kind can significantly extend the life cycle of Oil and Gas assets while also driving increases in operational efficiency and HSE performance. Three initiatives under this theme have been identified as central to unlocking value through digitalization in the industry over the next decade.


In the future, a different management approach should be considered, that of: taking the entire life cycle of an asset into account, from design to operations; collecting and analysing data at each step; understanding how it would affect the next step in the sequence; and capturing lessons to inform future designs.


To unlock the full potential of digital transformation, the Oil and Gas industry needs to tackle a series of historic and structural inhibitors. Oil and Gas companies face significant barriers to realizing the full value of the digital initiatives discussed in the previous section. These key inhibitors represent a starting point for efforts to overcome the challenges in unlocking the value of digitalization for industry and society.

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