Thriving in a Downturn Requires a New Approach
The global upstream industry has not seen such a 12-month period of oil price erosion, mirrored by brisk reductions in operator, vendor and contractor activity since 1986. The current downturn in oil and gas calls for a focused and surgical effort to improve production monitoring, reduce downtime, optimize both capital and operational expenditures. However, the agony of siloed departments and disorganized data has left operations in the dark.
The industry needs analytics and workflow software solutions that optimize production, capex and opex. Companies need to be able to combine data from many different sources within an entire organization and then present the data in a consolidated, very easy to read and digest view. Not only should operations easily access the data but users from field superintendents to accounting professionals should be able to find relevant insights at any time, any location. E&P companies that are able to refocus on making their operations more efficient to thrive in the current environment and are ready to take advantage for the next wave of growth.
Al Abeyta, Senior Business Systems Analyst for Vanguard Natural Resources, has been using Seven Lakes’ software and highly values the ability to immediately review data, “They built our data warehouse and infrastructure that allows us to manage our data from all business applications. We love them. We’re a big oil and gas acquisitions company. We run lean as it is; we’re constantly looking for ways to improve processes, and reporting is a big deal, so I couldn’t imagine us surviving without AFE workflow and LOS Dashboard, for sure”.
Refocus with efficiency and overcome the struggles of process and technologies. Become more agile, operate with cross functional collaboration and proactively navigate through the volatility and rise out of the uncertainty with analytics and workflow software solutions.