Inspiration for Change
SUSTAINED DRILLING ACTIVITY
Chisholm Energy Holdings maintains three active rigs in the Permian Basin, which are primarily engaged in horizontal drilling. The energy company wanted to optimize rig utilization and improve the way it managed drilling and completion projects.
AFE AND FIELD COSTS
With its sustained drilling activity, Chisholm needed to expedite the partner AFE process, compare ongoing field expenses to budgets, and track recurring costs from rentals and consumables.
MAINTENANCE OF ACQUIRED ASSETS
As a recently formed E&P, Chisholm’s growth strategy includes acquisition of underappreciated and undercapitalized properties. It purchased its first assets in New Mexico’s Delaware Basin, resulting in the need to track and manage well work projects, including workovers, planned maintenance, and repairs for 139 producing wells.
With its extensive reporting requirements – from drilling and completions to workovers, maintenance/repair – Chisholm wanted the cost-effectiveness of out-of-the-box reports with the flexibility to adapt and create new reports based on its unique needs, including the ability to track a complex mix of vendor-related expenses.
Benefits for Drilling & Well Work
MANAGING OPERATIONAL COMPLEXITY
Chisholm uses NeoFirma’s cloud-based drilling and well work software to manage its complex drilling operations and track critical project, well, and rig data. To date, the E&P has used NeoFirma’s software to manage 32 drilling and completion projects.
OPTIMIZING FIELD SPENDING
The NeoFirma solution allows Chisholm to easily setup AFEs and automatically route for approval. The software gives field staff powerful tools for tracking expenses, comparing costs to approved AFEs, identifying overpayment and eliminating unnecessary costs.
REDUCING DOWNTIME AND LOST PRODUCTION
In addition to its drilling operations, Chisholm uses NeoFirma drilling and well work software to maintain an extensive portfolio of producing wells in the Permian Basin. The company uses the cloud-based tools to easily manage workover and planned well maintenance as well as respond quickly to production issues, such as compressor failure, maximizing well performance and reducing downtime.
FLEXIBLE REPORTING & CUSTOMIZATION
NeoFirma’s drilling and well work software provided Chisholm with out-of-the-box reports while providing flexibility to customize reporting and software functionality. In addition to customizing drilling and well work reports to Chisholm’s specific needs, NeoFirma rapidly configured a new report type that allows the company to easily track and manage vendor costs.