Petroleum Enterprise Intelligence
Do you want your oilfield employees to think like shareholders and act like businessmen? CSC offers an "intelligent" digital solution.
Data generated in field drilling and production operations is growing exponentially. Real-time reporting from instruments and machines and new production facilities with modern data gathering systems and control rooms are filling data bases with petabytes of valuable data. And currently, most of it is chronically underutilized.
Oil and gas professionals say they feel more disconnected from the data than ever. The gap between the information that's being collected and the methods needed to refine it, analyze it and apply it to the business is getting bigger, not smaller.
Some of that could be attributed to an elevated learning curve that's been created by advances in data gathering technologies. The number of oil and gas applications and databases used by many companies has proliferated as engineers strive to find the best engineering or operational toolset.
As a consequence, most oil and gas companies have no idea where to find reliable information. Oil well data may reside in four or five similar systems. Efforts to corral data with master data management programs have stumbled due to the complexity of the problem while data warehouses have been built to try to reorganize data into meaningful tables. These have also fallen into disrepair and disuse.
Storing data isn't the answer
So far, much of this data existed in data islands by department and role. As a result, field personnel who make decisions that have multi-million dollar impacts to the bottom line, do not have an integrated set of this combined information to be able to understand the financial and operational implications of the technical decisions that they are charged with.
Finding more efficient ways to manage and store data isn't enough. To unlock its real value, this new flood of data must be blended with existing corporate data including finance, HR, health and safety, and operations to give field managers and engineers a consolidated, integrated view of the performance of their assets.
Applying industry specific intelligence unlocks great value
While many of the technology challenges have now been solved, energy companies must spend more attention and investment on new ways of working now that this rich information is available.
A recent internal survey done by a major global oil company found that their professional employees spent forty percent of their time locating, inspecting, combining, and producing data sets for analysis in the search for oil and gas. For a company that has revenues of $250B per year with 150,000 employees, a third of which are salaried professionals, this equates to thousands of hours and millions of dollars lost due to the overhead created by inefficient data use.
On the positive side, companies that can effectively manage their project, logistics, and equipment assets stand to make extraordinary profits in the booming shale oil and gas market. One of the leaders in drilling and producing in these areas, widely respected for applying petroleum intelligence to operations, was recently acquired for $12B; a figure that represents a 65% premium over their stock price.
Developing the right blend of information
In addition to field equipment, oil and gas operators today are subjected to a flood of unstructured data from industry blogs, expert seminars, and social media. That's a situation familiar to many. With the right approach, it's possible to combine it all in a way that creates information useful to the business.
Imagine what opportunities your company could benefit from if you had the right information to understand and react. Consider the pressures you could relieve if you were better able to budget and control field operation costs, even at today's accelerated pace. Or the satisfaction of an improved safety record if you were better able to identify risks.
Think about the financial benefits you would reap if your company was able to operate all of its assets to their full potential and get maximum recovery over the life of every asset. Blending and analyzing operational and administrative information is the key to achieving all these benefits.
How to turn data overload into a competitive advantage
The way to gain these advantages comes from learning how to observe and analyze vast stores of information without trying to capture and store them. That's wasted time and effort for much of it.
What is needed is an approach that provides a view of data tied to the specific roles of your petroleum engineers and managers without regard to what system it is stored in.
For example, well data of all various types can be displayed in an integrated context so that a manager can see where the well is located, who owns the mineral rights, the technical detail of the well construction, what has been spent on the well in various categories, how much the well has produced and is expected to ultimately produce, and more.
This same concept can be applied to many other physical assets of the company. Rather than reporting by operations, engineering, finance, or HR, a useful petroleum intelligence solution must adopt this enterprise-level view and bring related data together, including structured, geographic, written documents, videos, and test results.
CSC's comprehensive and intelligent solution
CSC's Petroleum Enterprise Intelligence solution was created to solve this problem of data management, integration, context and visualization. Our solution is integrated with a wide variety of client systems that provide technical, operational, and financial information.
Unlike most, CSC Petroleum Enterprise Intelligence analytics engine combines and transforms data from all sources for display in role-based dashboards and for the calculation of defined Key Performance Indicators (KPI).
The result goes beyond the usual non-integrated business analytics point solutions, providing information that encourages real time, what-if scenarios, ad-hoc reports and visual analytics.
Given the information they need, in the right context and at the right time, Petroleum Enterprise Intelligence enables your key managers and engineers to make better decisions that result in higher production and safety, at a lower cost and in less time. Contact us today to learn more.