Obsolescence Management is becoming more and more popular within the oil and gas industry, leading to a rise in IIOM memberships coming from this sector. In a way this is not surprising, since the consequences of not facing obsolescence risks can be huge in this industry.

When the International Institute of Obsolescence Management (IIOM) started as the Components Obsolescence Group (COG) in 1997, there were no members present from the oil and gas sector. Nowadays, about 6% of the IIOM members originates from this sector.

This does not come as a surprise, according to Ian Blackman, the technical manager of IIOM. Downtime in the sector as a consequence of not being able to replace the correct component(s), could easily lead to a loss of about more dan €1 million a day. The IIOM is supporting companies in the gas and oil industry by providing clear guidelines for reducing obsolescence risks. A consortium of major oil and gas operators has developed a specification and some guidance for suppliers in the sector.

The IIOM was involved in helping to set up these guidelines. The institute made sure that the contractual specifications and guidance documentation would be in conformity with the international standard for obsolescence management (IEC 62402:2007).