In the past, the assured status of the Oil & Gas industry (OGI) as a sole provider of the most critical energy materials made the accommodation of operational wastages tolerable. However, current spate of stringent environmental regulations and demands for highest safety standards have shifted the paradigm in recent times. To further compound the uncertainties that have plagued OGI markets as a result of the combined effects of emerging but fierce competitions from alternative energy sources and regulations, stakeholders’ expectations for asset longevity, reduced downtime and increased profitability still persists. Therefore, the ability of OGI companies to manage decisions under these conflicting scenarios significantly depends on the volume as well as accuracy of asset-related information within its database(s). This is perhaps the reason for the recent proliferation of asset management systems (AMS). While it is universally acknowledged that the advent of super computers has immensely heightened the capabilities of AMS, studies have continuously highlighted the shortfall between investments in such systems and the returns they generate. Based on these premises, this study analyses the historical organizational approach to AMS within a key OGI. It is hypothesised that, in spite of the organisation's devotion of resources to its implementation, there is a lingering spate of chronic failures. Further analysis of various factors associated with pre-existing cultural environment ultimately aided the generation of combined failure modes (FMs) within the human factors’ realm. Finally, the study presents a novel but structured practical methodology for assessing the present state of an organisation' AMS.