After a rigorous, well-executed financial plan to handle one of the largest commodity price crashes in history, Oil and Gas companies are left with a question still hanging over them – How do we create a more cash conscious culture that keeps us nimble in any market condition? The operators that have sustained operations owe it to modern field operators that are using the most innovative technologies to increase production while decreasing operating costs. The rise of the modern field operator has allowed the Oil and Gas industry to be sustainable.
Those who have survived this storm stare directly at the challenge of empowering people, from the corporate to the field, with confidence and insight to operate by managing exceptions in any market condition. For the most part sophisticated technology innovation away from the drill-bit did not keep pace with the needs of the field operator. The vast majority of insight and process-driven activities like production, cash flow management, and vendor spend are still manual or in centralized systems.
Forward thinking leaders are finding that pumpers, foremen and superintendents need ownership of systems as much as the corporate office. They are demanding technologies like big data, machine learning, and mobile technologies to create a new manifesto to empower their field.
Manifesto for Technology to Create Ownership for the Modern Field Operator
1. Anticipate and chase assets by exception.
Example – Route operators only to distressed wells based on specific machine algorithms.
Imagine receiving an alert prompting you to visit and maintain a well before it goes down. This type of management in the field increases production, saves time and is most effective to drive a leading oil field that will sustain any environment.
2. Act on issues without hesitation.
Example – Alert managers with insight of over-budget AFEs. Immediately kickoff supplemental approval work flow.
Imagine the entire organization viewing the same data and working together to decrease costs. This type of collaboration results in the capability to improve production and make a positive impact on cost, revenue, and overall profitability of underlying assets.
3. Answer critical business questions with credible data.
Example – Foreman and superintendents easily drill into invoices and close gaps in profitability.
Imagine being able to instantly drill down to all of the expenses for your wells and view each invoice without having to request accounting for information and not receive it in time for your decision-making. This type of data visibility allows you to audit each expenditure to ensure accurate billing.
Superior field operations is achievable because processes can be improved. Processes are improved with prioritized, mobile production optimization and smart business driven bottom line analytics. Such an enterprise software solution provides visibility from the COO to the modern field operator. When the entire organization is communicating and collaborating to make data driven business decisions, the business will succeed.
To learn how you can empower your field with the latest technologies, visit www.sevenlakes.com.