Currently industrial oil is considered as a consumable material and used in a linear way: it gets discarded and replaced with new oil when the oil degrades and often loses its desired properties. This is unsustainable and can have hidden, indirect costs relating to productivity and product quality caused by wear on machinery due to degraded industrial oil properties. SKF RecondOil Double Separation Technology (DST) enables regeneration and reuse of industrial oil by removing contaminants and thereby increasing the lifespan of the oil. Such circular use of oil makes industrial oil an asset and can generate monetary and environmental benefits. A lifecycle-based study has been carried out to map and compare the climate impact of the SKF RecondOil DST process to a conventional industrial oil cycle. The results show that a reduction of more than 96% percent of CO2-eq./m3 oil can be achieved. Furthermore, the results also show that the SKF RecondOil DST processes use less fossil resources during the life cycle compared to a conventional industrial oil cycle. This paper will introduce DST, its applications, and discuss its future development based on the results obtained.