Global paints and coatings manufacturer Jotun (Sandefjord, Norway) 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— and particularly in the context of environmental, social, and governance (ESG) criteria, according to the company.
In total, 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 an increased investment in maintenance.
In addition to the increased focus on environmental performance, improving safety (78%) and reducing the 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, nearly three-quarters of senior decision makers in the oil and gas industry (74%) noted that 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,” says 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,” Mezhentseva adds. “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. This suggests that companies can enhance their internal capabilities through external third-party partnerships and support, according to Jotun officials.
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% 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,” Mezhentseva concludes. “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.”
The research was carried out by Censuswide, which surveyed 1,017 senior decision makers for both onshore and offshore oil and gas assets, as well as those who have responsibilities for maintenance work at these assets in the United Kingdom, Brazil, United States, Germany, United Arab Emirates, Saudi Arabia, India, China, Singapore, and Indonesia.
The survey was carried out from May 24 to May 30, 2024. A short version of the final report can be downloaded here.
Source: Jotun, www.jotun.com.