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
- Source Data – The foundation of all great analytics is good data from the source. The source data needs to be accurate and trustworthy. This can be achieved in 2 ways – one is to implement a technology solution to implement validation at the source and the second is to have unambiguous processes that allow the field to operate within parameters irrespective of any scenario.
- Data Governance Rules – To get a clear picture of downtime all the different business regions and operational units should be working under the same standards of data governance. It is critical that data is collected and processed in the same manner so one is comparing apples to apples.
- Monitoring & Analysis Tools – The final key element is the ability to access and analyze this data in a meaningful manner. This involves being able t get data in a structured way and through report subscriptions. A downtime dashboard is an ideal way to do this, being able to look at data at an aggregate level and identifying trends and then digging into the details from this aggregate level in an easy to use manner.
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.