Everyone needs a pair of well-fitted steel-toed boots to work in the oilfield. The thing is, when you first buy a new pair, it can take weeks to break them in. However, once they are, they become so comfortable that, eventually, you may choose to have them resoled to avoid going through the break-in process again.
A Solid Allocation Engine Provides Foundation of Accuracy for Building Your Oil & Gas Business
It is no secret to anyone who follows oil and gas performance that the numbers regarding a company’s production and remaining reserves are essential to the company’s valuation – its foundation for future performance, growth, and shareholder value. These numbers are not treated lightly – they are the lifeblood of a company, and their analysis is often the core focus of teams of analysts inside the company, and, increasingly, outside the company in the form of large investors and market analysts.
Tougher Venting and Flaring Regulations in TX and NM Will Challenge Operator Reporting, but P2 is Ready to Help
A wave of new, more stringent regulations for the venting and flaring of gas will soon be in force in Texas and New Mexico as the two states follow others like Alaska, Colorado, and Wyoming in toughening their regulatory oversight and reporting requirements for these types of events. In Texas, traditional reporting regarding flaring and venting required noting that an event occurred, and it was captured under a single flare-vent code. Not anymore.
Data Synergy and the Importance of Understanding an Oil & Gas Specific Maturity Model
Production curtailment decisions require cross-department collaboration and access to data within different upstream domains. How well do your internal teams work together to make decisions about important assets? Could the synergy and communication be better?
From lease clauses to revenue interests to historic production and scheduled maintenance in the field, every upstream department offers valuable insight in determining where to curtail or shut in production.
Maintain Leases, Manage Shut Ins, and Maximize Efficiencies in a Downturn
NAPE recently dedicated a roundtable to the topic of maintaining leases while curtailing production, and we noted a few important takeaways that directly relate to our customers’ utilization of software to assist in this process. Curtailment decisions require cross-department collaboration and access to data within the different upstream domains. From lease clauses to revenue interests to historic production and scheduled maintenance in the field, each department offers valuable insight that a decision-making team relies on in determining where to curtail or shut in production.
Through the Lens of a Production Accountant (Part III)
We established what constitutes a hydrocarbon allocation calculation, some of the factors that go into creating an allocation scenario, and how scenarios will vary depending on complexity. When it comes to evaluating and selecting a system to run and maintain allocations, there are three key must-haves: flexibility, auditability, and performance.
Allocations Contribute to Production Data as Crux of Upstream Oil & Gas (Part I)
Accurate, timely, and thorough production data is the lifeblood of all oil and gas organizations with nearly every discipline and department relying on it to make decisions. Ensuring hydrocarbon allocations are accurate is an important, sometimes elaborate, responsibility that feeds this production data set. There are multiple consumers who rely on allocation results that may be reported in various aggregated formats depending on the scenario.
Why it Pays to Closely Track the Reasons for Well Downtime
A look at how 20 operators monitor downtime + ways to minimize unplanned downtime
Detailed tracking of the reasons why a well is down for any period of time provides valuable, time-sensitive insight into the necessary remediation measures an operator should take to get the well back onto production. Over time, it can also provide operations personnel awareness around trends that may be occurring for a specific well or groups of similar wells or similar pieces of equipment.