Abstract-This paper addresses innovative issues of asset management for the petroleum industry, which is very crucial for profitable oil and gas facilities operations and maintenance. A research project was initiated to study the feasibility of an intelligent asset management system. Having proposed a conceptual model for such a system in previous work [1], [2], we describe its behavior in terms of data and control flow, and pave the way for an implementation and rapid prototyping plan for such system. Furthermore we discuss the required off-the-shelf development tools. A simplified system prototype is introduced as a colored petri net model, which will be used to analyze the prototype logical structure and dynamic performance. We finally discuss the project progress status and future work.