Production downtime is one of the largest costs that affect any E&P company’s bottom line. It has at least a two-fold impact – one is deferred or lost production & the second is bringing the well back online. The first step to mitigating these costs is to be able to measure & monitor downtime accurately. The key elements of managing downtime analytics can be subdivided into 3 parts
Overall, it is imperative for any E&P company to mitigate and if possible prevent any production downtime. This can be done effectively and consistently by ensuring that the 3 key elements as mentioned here have been implemented.