In today’s dynamic oil & gas business, independents are working harder than ever. Producers must manage operational complexities with limited time or resources to spare for tracking it all. Regulatory compliance, joint ventures, and A&D activity add to the growing demand placed on operators to produce and share a wide range of well reports.
With restrictive end-user licenses, traditional reporting software carries a high cost and often requires specialized knowledge to use. This effectively limits the number of users who can generate well work and production reports to just a few. It also creates a bottleneck for the flow of critical well information.
The responsibility of creating well reports often falls on technical staff who serve as the go-between with other departments and external stakeholders, including partners, investors, and contractors. The result – staff spend time manually creating and sharing well reports, delaying workflows and decisions for everyone involved.
On-demand Well Reports
From well work and production reporting to compliance and expense tracking, operators require a more efficient way to produce and distribute well reports. Keys to achieving this are:
- Centralize well information management in the cloud.
- Protect information with well-level security.
- Grant access to all internal and external stakeholders.
Importantly, modern well reporting software offers a paradigm shift from the old way of licensing software to a progressive approach that empowers all users with the well information they need, on-demand. Self-service reporting is especially well poised to drive much needed operational and cost efficiencies as well as the competitive edge operators need in today’s fast-paced environment.
Driving Employee Productivity with Self-service Reports
Nearly every department in an oil & gas company is a consumer of well information, including drilling, operations, accounting, compliance, and field staff. Up-to-date and accurate well reports are critical for identifying production problems before they occur, minimizing well downtime, and managing field costs. By centralizing well reporting and access, staff spend less time tracking down the information they need and more time on higher value work.
Consider the regulatory filing process. Compliance staff can spend days gathering required reports, such as lease and well production, safety incidents, and water disposal records. Self-service reporting enables this information to be quickly assembled by the appropriate staff in minutes rather than days. And because manual steps in the process are eliminated, the potential for data errors is reduced along with compliance risk.
Self-service Reporting for Partners and Contractors
Operators with joint venture partners and working interest owners are required to share a wide variety of well information with these external parties. Daily drilling reports, approvals for expenditure (AFE), production volumes, and joint interest billings (JIB) are just a few. All too often this information is manually assembled and delivered by email or fax. The problem is multiplied by the dozens or even hundreds of partners and investors many operators have.
Cloud-based reporting with well-level security enables operators to efficiently share well reports and documents with authorized external users. Joint venture partners, for example, can directly access daily drilling reports and AFEs on-demand while saving the operator the time and cost of manual processes.
Self-service reporting also streamlines collaboration between an operator and its contractors. For instance, an operator might enable its land services contractor to access specific well data while giving its water disposal vendor access to water production reports.
Modern Well Reporting Software
With well data management and reporting streamlined as one system, NeoFirma’s cloud-based software improves the way operators share well information with employees, partners, investors, and contractors. With NeoFirma, operators can easily create well reports online with a simple monthly subscription.
What’s more, NeoFirma’s software platform supports an unlimited number of users. Customers may add as many internal or external users as needed at no additional cost, accelerating E&P workflows by giving stakeholders direct access to well information.
The flexibility that NeoFirma provides is enabling new opportunities for oil & gas companies to share information, from production and operations to drilling and well work. For instance, an operator who is seeking to divest a group of wells can simply grant potential buyers access to the well information needed to evaluate the assets. This helps property sellers market an opportunity and it assists buyers by providing up-to-date well reports, including production history, well events, and maintenance reports.