New research reveals increasing strategic importance of maintenance in oil and gas industry operations

Jotun has published a new report emphasizing the growing strategic significance of maintenance within the oil and gas sector. The report, derived from a survey of over 1,000 senior professionals, reveals a significant shift in the perception and prioritization of maintenance, particularly in the context of environmental, social and governance (ESG) criteria.

 

Key findings include 88% of respondents anticipate an increase in maintenance budgets over the next five years and 75% say that the requirement to report on environmental performance has led to increased investment in maintenance. In addition to the increased focus on environmental performance, improving safety (78%) and reducing risks of fire-related incidents (76%) were mentioned as important drivers behind maintenance strategies.

 

The report underlines the crucial role that maintenance, especially corrosion management, plays in ensuring the safety, profitability, and environmental sustainability of oil and gas operations. However, three quarters of senior decision makers in the oil and gas industry (74%) said maintenance budgets are the first to be cut when cost savings need to be made. This paradox demonstrates how difficult it is for those in charge of maintenance strategies to plan.    

 

"Effective maintenance is not just a technical issue anymore; it's a strategic imperative that impacts every facet of the industry’s operations, from safety to environmental sustainability," said Ekaterina Mezhentseva, Global Solutions Manager at Jotun. "Our report clearly shows that the industry is moving towards greater investment in maintenance, driven by the need to meet ESG criteria and ensure long-term operational success, but budgets need to be future-proofed to allow for effective long-term maintenance planning."

The report also emphasizes the importance of knowledge sharing and improving competence in corrosion management, suggesting that companies can enhance their internal capabilities through external third-party partnerships and support.

 

Indeed, the survey data revealed that as many as one in four (24%) oil and gas asset owners outsource all their maintenance to external providers, with as little as 6% of companies surveyed managing all maintenance in-house.

 

"We believe this report delivers valuable insights, enabling the industry to understand the importance, impact and investment of corrosion management,” added Ekaterina. “Our long-term commitment, to support the industry by delivering high-quality corrosion management solutions and expertise empowers oil and gas operators to improve the safety, reliability, and profitability of their operations.”