This Corpus Christi based Independent E&P owns assets that include over 300 operated and non-‐ operated wells. An ENCAP portfolio company, the key to this company’s strong growth and success has been actualizing high yield, high-‐risk opportunities. This South Texas company has oil and gas operations in Texas, Louisiana, Canada, and the South Pacific.
The Corpus Christi E&P previously used an in-‐house developed system for production tracking. The system was inflexible and required extensive IT support to maintain. Further, the system was only available for use while in company headquarters. Often, information was lost and not always properly backed up.
Field production data was captured manually, relayed by phone or email, and staff would have to manually record data multiple times in order to create reports needed by management and outside stakeholders. Management often experienced lag times of 1-‐3 days to be able to access field data.
Data on non-‐operated properties would arrive in different formats and wouldn’t fit into the internal database, causing non-‐operated data to be handled several times as well, and presented to management in a different format.
After recognizing these issues were severely affecting operational efficiency, the company implemented NeoFirma. As Software as a Service (SaaS) requiring no capital investment in software, hardware or IT support, the upfront costs were minimal. In fact, the cost was funded as an operating expense. Once NeoFirma was deployed, staff was trained and comfortable using the system in a couple of days.
Comments on implementation of NeoFirma as a solution: “We can’t live without it… previously, we threw bodies at the problem and we still couldn’t keep up. Now we focus on managing operations to make us more money, not manual reporting. Best of all, the system runs itself!”
– Production Manager, Corpus Christi E&P
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ABILITY TO RESPOND QUICKER
With NeoFirma, the company reduced response time by almost 24 hours in several instances where operations personnel spotted production issues sooner. Executives now have on-‐demand access to daily, weekly and monthly production. Well logs, lease details and other well-‐centric information is also available online, anytime for reference in the office and field-‐-‐wherever required.
ACCURACY, EFFICIENCY AND SECURITY
NeoFirma significantly reduced data management time delay and quality issues. Information is now entered once in the field or office and available everywhere. All of the company’s historical well information is secure from loss, theft or damage.
EXECUTIVE, STAKEHOLDER & INVESTOR MANAGEMENT
NeoFirma eliminates the overhead required to create custom looking reports for partners. Executives and stakeholders now access information, with stakeholder/investor information segregated by assets where they have an interest.
RETURN ON INVESTMENT
For this company, NeoFirma paid for itself within 5 months of deployment through increased efficiencies and staff savings, not including potential losses associated with untimely field data. In fact, other NeoFirma clients have observed an average payback of 130% per month through: faster response time to problem wells, improved well data handling efficiency, and improved accuracy & bandwidth for QC .
Since deploying NeoFirma’s production module, this E&P has also added exploration capabilities for drilling and completion. As their business grows and new assets are added, NeoFirma grows with them to support them.
Should the company divest any assets in the future, exploration and production information managed by NeoFirma has consistently demonstrated higher returns on asset sales due to completeness of records, accuracy, and ease of access.
“NeoFirma is head and shoulders above other services I’ve had experience with. I really like the Daily Drilling Report and it seems to be the best product I’ve seen. What we are able to provide our partners is far better than what competitors can provide their partners. I wish other operators provided the information that our company does on the DDR”
– Partner, Corpus Christi E&P
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