Exploring and producing Oil and Gas involves huge risk, uncertainty, and capital investment. Assets involved in exploration and production are very complex and expensive to design, build, operate and maintain. Hence, maximizing the performance of these assets throughout their life cycle along with controlling the costs is a pressurizing factor for oil and gas companies. Oil & Gas sector also has a responsibility of strictly adhering to Health, Safety and Environmental (HSE) standards along with regulatory compliance. These regulations along with past asset failures force these companies to find ways to proactively predict and prevent asset failures. Majority of asset management software implementations focus mainly on reactive and preventive maintenance only, and haven’t leveraged the capabilities of control systems like SCADA (Supervisory Control and Data Acquisition Systems), Historian, statistical tools along with failure history for predicting the asset health.