Abstract-This three-part paper thoroughly addresses the design and development of multi-agent system for asset management for the petroleum industry, which is 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, architecture, and implementation plan for such a system in previous work [1], [2], [3], defined its autonomy, communications, and artificial intelligence (AI) requirements [4], [5], and initiated the preliminary design of a simple system prototype [?], we are extending the build of a system prototype and simulate it in real-time to validate its logical behavior in normal and abnormal process situations and analyze its performance. The second-part paper addresses the ICAM system prototype design verification and its logical behavior during sensor faults in the plant.