1) You know you have assets... You just don't know where they are.
You have no GIS.
Do you find it easy to figure out the exact proximity of assets to each other and to critical infrastructure like pipelines, roads, waterways and transmission lines?
What about more complex questions like documenting compliance, estimating environmental impacts and modeling operating costs? What about managing right-of-way, platting and conveyancing?
Without a GIS in place, the costs can mount quickly.
You need to invest in at least a basic GIS solution, and build from there.