The sector of oil and gas is extremely challenging, therefore each and every associated process should be dealt with the utmost professionalism. It is extremely important for the oil and gas organizations, to deploy superbly skilled manpower and complement them with the best in the class technology. To extract competitive advantage out of their business module, Oil & Gas Production analytics is a must-have for the organizations. To avoid any hiccup in the midway to the project, organizations must choose a technology partner, who would be able to understand the specific needs and provide tailor-made production analytics solutions. When it comes to production analytics, preparing for the challenge is even greater when one has to manage multiple exploration or extraction site. Each site has its own set of challenges, which needs to be answered accordingly, via the same technology platform, to maintain uniformity in information and decision flow.
Key production challenges faced by the oil & gas sector
- Ever-changing regulatory framework and rise of uncertainty- There is a constant rise in the risk of doing business due to the regulatory laws of the land. As an example, the oil and gas sector needs to keep a tab on the carbon footprint generated from their production activities. This can be tracked effectively with the use of advanced production analytic software.
- Diminishing visibility into complex production operations- Since oil & gas organizations operate in some of the most politically regulated environments, it becomes necessary even more, to keep track of each and every value-added activities and the cost associated with it. Any change in the production parameter can lead to devastating consequences in the revenue of the organization.
- Less accountability of high pressure, high-temperature drilling, and wellhead technologies.
- Little capability in relocating time and production resources for multiple project sites.
- Less focus and analysis on the daily production variance.
A key feature of production analytics in the oil & gas industry
With the awesomeness of production analytics, oil and gas organizations can now dictate the performance of a single well and repeat the same over the entire project region. With this advanced oil & gas production analytics, organizations can integrate a host of external data like metrological, political, and supply chain. These data can be used for advance production modeling scenarios, with a guaranteed success rate. It is necessary to track production downtime and carry out an in-depth root cause analysis of the same. In order to avoid repetition of production errors, a detailed control plan is needed, which is provided by the capabilities of advanced analytics. Let us have a look at some of the other features of this awesome tool:
- Capable enough of tracking multiple extraction products-Advance production analytics software can be used to track multiple extraction substrates like oil, gas, or water and their respective extraction cost per unit. Such detailed data will be extremely useful for the managers, to plan their next move and maintain a competitive advantage over their rival business players.
- Capture and maintain every minute production trend- the advanced capabilities of the software helps it to track and monitor every minute trend. With its advance log capabilities, every downtime and its cause is noted down for repeatable use. It also had an alert system, which shows the best case scenario and generates alert when the course is altered.
- Set the best possible KPI for the production process and the workforce- KPI are very important to maintain focus on the work. It is like a yardstick to measure the performance of the workforce. Better the KPI better the production, so any deviation from the same needs to be addressed quickly and course corrected instantly.
- Maintain the production data with the industry benchmark- It is extremely important to have a set of industry best benchmark standards so that the organizations own products can be compared with it. Any negative deviation from the benchmark data needs to be discussed upon and rectified swiftly.
A world-class production analytics platform should have the following features
- Searchable analytics which can be reproduced as and when required.
- Impregnable security layer which is role based.
- Easy Sharing of analytical results with different departments and project sites for further analysis.
- Easy to set up and use- the system should be easy to install and require minimum training to operate.
- Easy integration with other organizational systems like ERP, Well Operation Manager, etc.
- Better CAPEX Management.
- Optimization of “wells” with regards to the past production data.
- Product deployment to training takes less than 5 weeks.