• ISSN: 2301-3567 (Print), 2972-3981 (Online)
    • Abbreviated Title: J. Econ. Bus. Manag.
    • Frequency: Quarterly
    • DOI: 10.18178/JOEBM
    • Editor-in-Chief: Prof. Eunjin Hwang
    • Executive Editor: Ms. Fiona Chu
    • Abstracting/ Indexing:  CNKIGoogle ScholarCrossref
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JOEBM 2024 Vol.12(2): 181-191
DOI: 10.18178/joebm.2024.12.2.794

Comparison of Asset Management Practices in Norwegian Oil & Gas and Road Infrastructure: Results from Industry Survey

Syed Mohammad Taha 1,2, Jawad Raza 1,2, and Ove Njå 2
1. Life Cycle Management, Moreld Apply AS, Stavanger, Norway
2. Department of Safety, Economics, and Planning, Faculty of Science and Technology, University of Stavanger, Stavanger, Norway
Email: Syed.Taha@apply.no (S.M.T.); Jawad.Raza@apply.no (J.R.); Ove.Njaa@uis.no (O.N.)
*Corresponding author

Manuscript received December 12, 2023; revised January 24, 2024; accepted March 2, 2024; published May 17, 2024.

 Abstract— Road tunnels are a cost center of an infrastructure due to the high capital and operating expenditure involved. The long design life and increasing demands from stakeholders present a challenge for efficient management of road tunnels. Asset Management is an effective approach for systematically managing the lifecycle of assets, which is increasingly recognized in various industries, including Road infrastructure. The Norwegian Road authorities have initiated recent projects to implement this concept. Asset Management practices in the Norwegian Oil & Gas (O&G) industry are believed to be mature, and there exists a potential for a cross-industry knowledge exchange that is yet to be explored. Available literature shows that Asset Management awareness and implementation is insufficiently documented for the O&G and Road infrastructure. As part of the ongoing Ph.D. study, a survey was conducted to map these practices in both industries and other major industries in Norway. This paper presents the survey findings and compares the O&G and Road infrastructure industry to assess the current status of Asset Management. The survey further identifies key areas of improvement for implementing Asset Management in both industries. The results are based on input from well-experienced respondents from large organizations. Respondents from O&G acknowledged Asset Management in their organization despite the gaps showing inconsistencies in the underlying details. Limited asset awareness is seen in both industries, particularly in the Road infrastructure. Both sectors are highly focused on improving safety, lowering maintenance costs, and increasing asset availability. However, the overall results indicate a relatively superior level of practice is established in O&G industry. This creates an opportunity to emulate the Asset Management practices from O&G to Road infrastructure, which could only be the start of the Asset Management journey.

Keywords—asset management, oil & gas, road tunnels, best practices, knowledge transfer, cross-industry comparison, survey

Cite: Syed Mohammad Taha, Jawad Raza, and Ove Njå, "Comparison of Asset Management Practices in Norwegian Oil & Gas and Road Infrastructure: Results from Industry Survey," Journal of Economics, Business and Management, vol. 12, no. 2, pp. 181-191, 2024.

Copyright © 2024 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

 
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