EXPLORATION & PRODUCTION
Today’s changing oil and gas market challenges have forced Exploration & Production companies to put operating efficiency at the top of the priority list. In an industry where total US operating expenses totaled over $50 billion in 2014, downtime was in excess of 10%, and the average worker was seven times more likely to injured, focusing on the issues of efficiency and safety is more critical than ever.
WellAware Production Management helps E & P companies:
Reduce lease operating expenses
Operating expenses often escalate due to excessive manual data collection, the inability to find and retain qualified personnel, poor tracking and accountability of service companies, and a general lack of visibility into field operations. As a result, many E&Ps are struggling with high labor, transportation, maintenance, and chemical treatment costs.
Minimize unplanned downtime
Reducing unplanned downtime is critical for Oil & Gas operators as it both defers topline revenue and affects bottom line costs. With so many points of failure on a well including pressures, surface equipment and compressors that cause shut-in, operators face missed production targets and increased overtime and repair costs.
Ensure safety & regulatory compliance
Safety and regulatory compliance requirements have increased substantially over the past few years. Operators deal with unexpected incidents, injuries, vehicle accidents and property damage due to an expanding workforce. More stringent permitting requirements, spills and site remediation costs, and a lack of sufficient chain of custody of production data all lead to expensive legal fees and fines.
To address these challenges, operators are seeking to implement a number of best practices and operational strategies including:
Proactively address issues before they become problems
Prioritize your activities based upon criticality and optimize your resources to reduce labor cost, transportation costs, and unplanned downtime.
Cost effective automation of manual processes
Remove unnecessary manual processes from your operations and repurpose your workforce on higher value activities to minimize transportation and labor costs and risk of incidents.
Field assets running at optimal efficiency
Spot problems before they occur by monitoring critical set points to reduce your equipment maintenance and repair costs.
Improved strategic and operational decision making
Build a complete picture of well conditions by integrating all critical production data – wellhead, line pressures, separators, compressors, storage tanks, chemical tanks, VRU’s, flares and hazardous gas monitoring – to make more informed and timely strategic and operational decisions.