As Price of Oil Hits 6-Year Low, Here Are 6 Oil and Gas Blogs That Can Help08/20/2015
Blogs contain industry best practices for teams across the E&P enterprise
It was recently reported that, thanks in large part to the devaluation of the Chinese yuan and swelling stockpiles, the price of oil has slipped to a new six-year low.
What a difference one year can make. Last August, the price of West Texas Intermediate, the benchmark U.S. crude, averaged $96.54 a barrel over the course of the month, according to the U.S. Energy Information Administration.
Now, with the WTI price closing in the $42 range in recent days and expected to continue heading south, upstream oil and gas firms are leaving no rock unturned in their quest to save a few dollars here or get a little faster there.
In early March, P2 launched a webinar and blog series designed to help upstream organizations better navigate today’s rocky oil and gas road.
Here are our six most-read blogs since that series kicked off:
Grant Eggleton, P2’s Vice President of Production Operations, explains how exception-based-surveillance processes can help operators minimize downtime events and, in turn, increase production and free cash flow. As you’ll see, reducing downtime by as little as 15 or 20 percent can lead to big gains.
Rusty Wirt, a Principal Business Analyst here at P2, presents a mini-case study showing how one operator adopted electronic workflows and automated processes to slash its invoicing cycles from 30-plus days to less than 20 days, which has translated to a six-figure dollar savings every year.
When data from across the enterprise is brought together and presented to the right people at the right time, good things happen. Read along as Eggleton describes how the use of integrated data and surveillance by exception can help companies lower operating costs, boost well production, and reduce equipment risk.
Todd Burdette, the Senior Product Manager of P2’s Data and GIS solutions, lays out three best practices for building accurate, meaningful, up-to-date oil and gas maps. These best practices are: streamlining your data-management processes; using automated, integrated, and validation processes; and leveraging outsourcing services when necessary.
In these every-dollar-matters, resource-constrained times, many mapping and GIS teams are turning to outside mapping departments for assistance. Some of these teams are struggling to access property data on-demand, others have backlogged mapping projects. What they all have in common, however, is a desire to bring down costs without bringing down quality.
Kyle Hartmann, a P2 Business Analyst and UI/UX (user interface/user experience) Designer, explains how some operators are reducing the time it takes to acquire leases and get them on the company map from several months to days or hours. This massive time-savings is made possible by mobile capabilities and automated processes
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