As an oil & gas operator, your ability to manage E&P data holds the key to higher profitability and safer operations. Information is the lifeblood of the digital oilfield that drives success and competitiveness, yet effectively managing E&P data remains a challenge across the industry.
Information delays between field and back offices, inconsistent data, and access constraints create solid barriers to timely, well-informed E&P decisions. Solving the problem starts with centralizing E&P data management, or “warehousing data,” in order to improve the way operators store, QC, and distribute information. In today’s fast-paced environment, however, the solution needs to be non-disruptive, agile, and cost-effective.
The benefits of the cloud are often obscured with terms like “economy of scale,” “total cost of ownership,” “on-demand computing,” and other buzzwords. Simply put, the cloud is a low-cost option to store data and applications that are easily accessible from any connected device. It is a simple concept with powerful benefits for oil & gas companies looking to solve E&P data management challenges.
Benefits of Storing Data in the Cloud
From production and operations to drilling and well work, the oilfield is increasingly data-driven. Wells and facilities generate steady volumes of technical data along with transactional data like sales tickets. With the average cost for a gigabyte of storage now under .01 cent and falling, the cloud provides the most cost-effective place to manage this large amount of information.
Consider the stream of E&P data flowing in from the field, which is often a mix of manual data entry and automated data acquisition. Operators receive information in multiple forms, from gauge sheets, spreadsheets, and SCADA systems, which often end up in different locations. Field data capture software built on the cloud eliminates data silos and information delays by funneling E&P data into a central repository using mobile field data capture and by tapping into automated data streams.
Improving E&P Data Quality
Lease operators and pumpers do the heavy lifting when it comes to collecting E&P data in the field. In addition to the complexities encountered everyday on well routes, field staff are also on the front line of data management, responsible for a complex range of data types, including:
- Fluids – oil and water by tank and meter
- Gas – meters, compressors, flare
- Operations – pressures, well status, downtime
- Events – sales runs, water hauls, BS&W draws
- Well tests – flow tests by battery
Improving E&P data quality begins with validating information recorded in the field before storing it in the cloud. Field staff are supported by Cloud-based software and mobile applications that detect inaccurate recordings, such as a pressure value that falls outside a specified range. In addition, the cloud enables centralized administration of data standards, which allows operators to lock down asset naming and avoid the pervasive problem of inconsistently used well, lease, and field names.
The Cloud as E&P Data Hub
Operators must keep track of a wide variety of information assets to run their business, some of which include chart of accounts, consumables inventory, and working interest records. Without centralized management, such valuable data tends to end up in specialized drilling, production, and accounting software, allowing access for some users and effectively locking-out other departments.
Adding to the data access problem within an organization, E&P companies must share myriad types of information externally with partners, investors, and contractors. Managing E&P data in project-oriented applications, which are prone to multiple versions of the truth, places a big burden on operators as they assemble and share AFEs, joint interest billings, and production reports with their partners.
Cloud-based E&P data management tools allow operators to create one version of the truth for key business records and operational data. Coupled with field data capture, the cloud becomes a hub for gathering E&P data and efficiently distributing information to people and applications. The upshot for staff is that data, reports, and documents are easily accessible via PC, tablet, or smart phone. Creating a clearinghouse for E&P data in the cloud also reduces the time and cost of sharing information with partners.
NeoFirma’s Client Data Warehouse and Reporting Solution
For more than 15 years, NeoFirma has led the development of E&P software in the cloud. Focused on the needs of independents, the company provides a complete solution for managing field data in the cloud and creating data-driven reports for drilling, well work, production, and operations.
Every E&P Company has unique operational and data management requirements. That is why NeoFirma’s cloud-based platform is modular and highly configurable to each client’s business situation. Clients select from hundreds of predefined data attributes to track and can extend field data capture with custom data types. In addition, with industry-leading data management and reporting software built on the cloud, NeoFirma gives operators powerful tools to track operations, optimize spending, and ensure compliance.