How to Make Oil & Gas Data Work Harder for You03/12/2015
Combining proprietary, competitor, and infrastructure data is today’s best practice for land professionals
A picture is worth a thousand words.
Nothing new there … we’ve all heard that saying at least a thousand times.
But talk to any landman or GIS professional today and they’ll quickly tell you that those seven words don’t quite cut it.
“A picture needs to be worth a thousand words and a thousand answers,” they’ll say.
And they’re right.
The upstream oil and gas marketplace is thick with data. Lease data, contract data, well data, production data, infrastructure data … you name it.
Meanwhile, back in the office, critical questions are just as abundant for land teams as the data they use to answer them. Questions like What’s my leasehold position today? Where are my assets in relation to my competitors’ assets? Which of my leases have a Pugh Clause? Where am I involved in joint operating agreements? Which of my wells are the most profitable and which are the least profitable? What’s the best way to get product in this area to market?
Answers to these questions – and hundreds of others – come much easier when teams set this trio of best practices in motion:
- Proprietary Asset Visualization
- Competitor Asset Visualization
- Infrastructure Data Visualization
You’ll notice the word “visualization” in each of the three points. That wasn’t done by accident. That’s just the new reality. Land staff should be able to look at a map, analyze all of their most important information in a single view, and use that information to make quick and prudent business decisions.
A picture is worth a thousand words and a thousand answers.
So let’s unpack each of the points above a little further.
Proprietary Asset Visualization. Company wells, production volumes, oil and gas leases, surface leases, minerals, land contracts, division orders, cost and revenue information – teams must be able to see this and the rest of their company information at a glance.
Competitor Asset Visualization. Teams must also be able to quickly analyze where their competitors are operating. This point becomes especially important when you’re looking to put additional reserves on the books via acquisition or form strategic partnerships with other companies.
Infrastructure Data Visualization. Lastly, when land groups are preparing to acquire new properties or revisit an area where they already have assets, they need to be able to see where the best transmission opportunities exist. Visualization here helps companies save on transportation costs.
Tying together these three best practices puts a ton of rich data in front of you.
But more importantly, it gives you the answers you need every day.
About the Author
Mike Kennedy is P2’s Vice President of Land Management Solutions. His 35 years of oil and gas experience include 18 years in software and 17 years in the industry itself. Before making the move to the technology side, he worked as a Geophysical Surveyor, Mapping Draftsman, and Land Administrator at Phillips Petroleum. Mike attended Oklahoma State University and is a member of NALTA and NADOA. When he’s not in the office, Mike enjoys hunting and fishing, traveling, and spending time with his three grandchildren.
Want to Learn More?
Watch this webinar, “How To Make The Best Exploration Moves When Money Matters Most,” to learn more about combining proprietary, competitor, and infrastructure data to make better business decisions.