Here’s how to extract their value, in three key steps
Production data, if handled effectively, can play an indispensable role in optimizing day-to-day operations of this highly volatile business.
With decades of experience in providing software solutions for hydrocarbon management to upstream operations across the globe, we acknowledge that each upstream business is unique in terms of business practices, operations and performance. However, the underlying goal of improving operational efficiency is much the same, and so is the path to achieving this.
In general, upstream solutions typically transcend from data management/consistency to process standardization and finally to optimization and decision support. Once data has been effectively structured and business processes standardized, operators are well positioned to leverage their operational data to maximize value and make more informed decisions for the future. Let’s delve into the three critical phases in the evolution of upstream operational excellence.
Step 1: Carry out data validation and quality control
Poor input data quality significantly reduces the value and reliability of any hydrocarbon management system. In many cases, significant time and effort is spent in manually entering and validating data used for production allocation and other hydrocarbon management processes.
To achieve a consistent source of truth, automated data validation and consistency checks are critical capabilities of the system. Applying artificial intelligence and machine
learning techniques further enhances such capabilities and unlocks new possibilities within automated self-learning data validation and correction.
Step 2: Standardize and automate business processes
Manual tasks are time consuming, can vary in practice and quality depending upon the resources responsible and are a primary source of error. Automation functionality in the hydrocarbon management solution should be a powerful tool in minimizing manual tasks, increasing resource utility, data quality, and ensure adherence to the defined processes. By employing automation to the upstream hydrocarbon management processes from data gathering to allocation, monitoring, and reporting, organizations can quickly achieve significant benefits in terms of process standardization and enable business users to add more value by acting on exceptions instead of performing repetitive tasks.
Step 3: Improve production
efficiency and reduce cost through optimization and decision support Significant value can be realized through production optimization. We have examples of up to a 7% increase in production from the utilization of our solutions. However, optimization results are only as good as the quality of underlying data and models. To ensure a trustworthy optimization solution, good data quality control procedures and automated processes to tune and maintain the system are critical. There is a significant overlap between the data needed for hydrocarbon accounting and production monitoring & optimization. Having a single underlying data model for these functions minimizes data quality issues and reduces maintenance required to keep the system current. With solutions covering a wide range of different oil and gas operations within the upstream and midstream domains, our data- centric and integrated approach for these solutions deliver customer value fast.