The oil and gas business model can no longer sustain an inflated and inefficient value chain in the search for, and delivery of, hydrocarbons to the world markets. Digital transformation can enable the oil & gas industry to reduce capital expenditures, deliver value by searching for operational efficiency, increasing performance and making existing assets more productive.
We believe that applying a combination of advanced information technology and corporate process management the oil and gas firms will be able to streamline operations, increase oilfield recovery and maximize profitability.
The main E&P asset, the well, goes through its life cycle and changes characteristics (location, ID, name, physical characterization, depth, crew, ownership, etc.), which are all master data aspects to consider for this baseline entity. If we master this data and create a consistent representation across the organization, it can then be linked to transaction and interaction data so that O&G’s can drive their investment decisions, split cost and revenue through reporting and real-time processes around.
- Crew allocation
- Royalty payments
- Safety and environmental inspections
- Maintenance and overall production planning
A well implemented Data Management initiative brings a strong foundation for this data driven industry providing clean, consistent and connected information about the core master data so that operators can cut the material cost, IT maintenance and increase margins.
With the recent advent of data acquisition and recording sensors in exploration, drilling, and production operations, oil and gas industry has become a massive data intensive industry.
Big Data analyzes huge data sets to reveal the underlying trends and help the engineers to forecast potential issues. Knowing the future performance of equipment used during operation and identifying the failures before happening can make the company to have competitive advantage and bring value to the company.
In order to make sure that digital technology initiatives are delivering value and continuing the furtherance of strategic goals, the executives must understand the technology that’s in use (and what’s coming next), as well as what the limitations of that technology are. After all, decision-makers can’t evaluate what they can’t understand.
This approach will allow to shift from the traditional reactive position (responding to organizational priorities as they arise) to a proactive stance where they can help decision-makers formulate strategies based on a clear understanding of what is possible.