Time is a crucial factor when maximizing hydrocarbon assets for all team members involved, especially when operating under tight deadlines. Analysts must develop viable extraction strategies to recover upfront costs while making a healthy profit. Engineers need fast and accurate analysis that will hasten the development phase, leading to efficient extraction campaigns in the short-term.
That’s why oil and gas data management software is a vital tool, as it integrates various data subsets into a central viewing hub, allowing for deeper understanding. Also, data visualization software fosters comprehensive analysis of onshore and offshore fields in engineering and geological capacities. Overall, accurate data allows companies to save time, from exploration to acquisition and development to production.
Streamlining Data Analysis During Hydrocarbon Exploration
When it comes to exploration, analysts need multi-disciplinary data streams to assess the viability of oil or gas fields. But the time it takes to gather the necessary data from multiple data sets is a laborious task and can be a burden as operators struggle under deadlines. One major headache is the correspondence between departments and teammates over the data.
In cases where multiple software is involved, processing and interpreting the data, and bringing in additional personnel to manage the various datasets, consumes more time than necessary and may limit the understanding of complex information flowing from a wide array of disciplines. If team members are burdened with overwhelming data, it can slow down the collaborative process. Exploration teams, for example, must manage time wisely to avoid delays that can spread to development teams, which could stymie hydrocarbon production.
The solution to alleviating a time crunch is software that can merge multi-disciplinary data while simultaneously displaying vast amounts of spatial and temporal data. This allows team members to become fully engaged—understanding simplified data regardless of their expertise or background. Optimal software also minimizes excess communication between team members or departments, leaving more time for the next phase of asset development.
Accounting for Issues During Hydrocarbon Field Development
Once the exploratory phase has been established, much time must be devoted to well development, where analysts must be attentive to well positions and sweet spots in zones. Failure to obtain proper reservoir comprehension to detect ideal zones or precarious anomalies could jeopardize the integrity of the wells, leading to complications, wasted time, and crippled operations—especially under tight deadlines.
Factors That May Increase Field Development Urgency
- Short-term leases: Leased oil/gas fields have some of the harshest deadlines. Leases could have an expiration date that allows the owner to revoke all mineral rights if operators fail to produce from the territory in the given time frame. For example, if a company is granted a three-year lease for an offshore oil field but fails to produce assets from the field—due to issues that arose from lack of resources to properly analyze data—the rights revert to the owner after the three-year period. The company ends up losing millions of dollars in upfront costs from the acquisition of the lease.
- Infrastructure needs: Engineers must also consider the certain infrastructure needs to commence efficient drilling strategies. There are times when new infrastructure is needed, which can be costly and time-consuming. Such infrastructure as pumps, pipelines, and storage tanks can amount to hundreds of millions of dollars, which must be recovered with the added requirement of profit margins. Additionally, drillers might be operating in regions where infrastructure is minimal, necessitating the need for new energy frameworks. If operating in another country, for example, companies will likely deal with additional factors that present even more uncertain outcomes due to political instability.
- Political instability: If a company has drilling rights in a place that may be experiencing political upheaval, it’s important to work as quickly as possible before shifting politics have a chance to potentially impact development. An energy company could also face stringent or changing regulations from an incoming administration, which could also increase production costs. Political instability of any kind can also affect oil prices, which is another factor that changes the nature of production.
- Fluctuating market: When there is a fluctuating oil market, companies must consider how oil and gas prices will affect profits. Changing oil prices are one of the more devastating variables because of the long-term ramifications. Slumping oil prices over long periods have the ability to reduce innovation and increase layoffs as the energy companies struggle to cope. That’s why operators need to produce within a lucrative timeframe as a safeguard against a volatile global economy.
Regardless of markets and politics, enhanced software will quicken developmental endeavors and provide efficient risk management in the oil and gas industry. In terms of development, the software streamlines statistical analysis, creating an interactive interface that saves time. That same interactivity also extends to volumetric calculations, where users would get results in faster intervals. With so many internal and external factors that could affect production output, geo-professionals need sound strategies and developmental systems that enable asset production in a timely fashion.
How Oil and Gas Data Management Software Leads to Increased Production
An accurate analysis can help operators maximize production goals while reducing expenditures. But precise data must also translate into fast data, helping teams in such areas as exploration and development. Additionally, visualization software fosters simultaneous and multi-dimensional viewing that centralizes key data points and makes information easier to read.
The best oil and gas data management software should provide a detailed analysis of geological models and reservoir simulation, with additional features that assess nearby fields to explore additional opportunities.
The best oil and gas data management software should provide a detailed analysis of geological models and reservoir simulation, with additional features that assess nearby fields to explore additional opportunities. It can be used as one of the tools that help operators find more hydrocarbons in less time. Best of all, it can enhance the exploration and development processes in the face of tight deadlines or market or political uncertainty.