Asset Management as a Technical Discipline in Energy: Part 3

Abstract

integrate diverse domains—including capital allocation, risk analysis, strategic planning, and professional competence—to support efficient decision making and quantify uncertainties. This paper examines how management practices in the oil and gas sector have evolved and highlights the relevance of developing standards or guidelines to support practitioners in this increasingly complex discipline. Although "management" is often associated with people focused skills, the technical methodologies that underpin asset management workflows are well established in the energy sector, and motivated the change of the previously called "Management Technical Section" to "Asset Management Technical Section" (AMTS) in 2025 by the SPE Board of Directors. This paper focuses on five technical sub disciplines of the SPE Asset Management taxonomy selected for Part 3 of this series: Capital budgeting and project selection; Emergency preparedness and training; Exploration and appraisal strategies; Unconventional resources economics; and Professional registration and certification. For each sub discipline, we summarize its evolution, highlight the technical roles involved, and identify emerging challenges and opportunities. The analysis produced two key deliverables. First, an evolution timeline showing how data analytics, changes in economic frameworks, and environmental considerations have transformed management workflows into systematic, evidence based decision processes across all five domains. Second, a set of opportunities and challenges that underscore the need for guidelines, best practices, and certification pathways to strengthen Asset Management as a technical discipline. ATCE provides a unique platform to share knowledge, compare managerial workflows, and reflect on how management practices have evolved—while also forecasting future needs. The examples presented in this paper reinforce the importance for management practitioners of maintaining strong technical skills and staying current with evolving methodologies. The conclusions emphasize the need to advance Asset Management within the technical realm and to support the creation of standards, guidelines, and competency frameworks. By documenting current practices and identifying future challenges, this paper aims to inspire students and young professionals to begin developing management capabilities early in their careers, strengthening the next generation of technical leaders in the energy sector.