Physical Asset Management in Equipment-Oriented Industries Using the Equipment Life Cycle Management Approach

Proper assets management and maintenance, especially equipment in the value chain of an organization, the failure of which leads to interruptions in the system and waiting in the production line, are very vital and of special importance in "equipment-oriented" organizations, including industries such as oil, gas, petrochemicals, steel, minerals, companies involved in the production and distribution of water, electricity, etc. Usually such organizations have a constant need to create an efficient and effective life cycle in order to achieve an efficient physical asset management system. The present study aimed to investigate the physical assets management in equipment-oriented industries with the equipment life cycle management (resource-based) view in oil and gas industries with a case study in an upstream oil industry company (namely North Drilling Company). For this purpose, first 15 criteria have been obtained based on literature review and research literature for evaluating the performance of physical asset management in oil and gas companies. Then, eight of the most important performance evaluation criteria were determined based on experts' opinions and the fuzzy Delphi method, and in the next step, these criteria were weighted using the fuzzy SWARA method. According to the results, the most important criterion is the cost of maintenance and the least important is the cost of service-support. Finally, solutions are presented in the form of practical suggestions to improve the physical asset management system in this company.