Low oil prices took their toll on the oil and gas industry and operators are making broad brush budget cuts to create a sustainable business to survive all commodity pricing pressures. Leading operators are asking these questions to reduce lease opex instead of making broad brush cuts. They are acting smarter and becoming more efficient in the oil field. By asking these questions they are also able to optimize cost performance by having more control over their lease operating expenses and overhead. With immediate visual insights of their costs they are able to to efficiently attack operating and overhead expenses head on.
“We didn’t have accurate costs/insight into overages or an easy interface to find errors. We had to go to the internal data warehouse and the ERP to find variances. Now, we can go right to the specific invoice and verify whether it is correct. It’s easy to locate what you need now and you don’t need to hop over to SAP to see the invoices there. Now, we can find duplicate invoices and cost variances easily,” a quote from a Data Analyst at an E&P company that reduced LOE by 8% over the past year by advanced LOE analytics.
To learn more, visit www.sevenlakes.com.