As OPEC was increasing supply and driving down oil prices, the coronavirus was simultaneously setting in and reducing demand. The two have had earth-shattering impacts on upstream oil and gas, including the challenges of working from home and social distancing in the field, and more starkly, cutting drilling and other projects, furloughing employees, trying to maintain cash on hand, and frankly, surviving.

Accurate, connected data enables every department across the enterprise to focus on profit-boosting activities

In times of high or low oil prices, it is paramount for upstream oil and gas companies to understand the importance of data and its effect on operational goals. With vast amounts of data being produced and collected daily, the key for exploration and production companies is to analyze and optimize all this rich information. In this blog, we’ll discuss the importance of data validation and data integration.

Production accounting should be a top priority for every upstream oil and gas organization. It could even be argued that production accounting is the heartbeat of each of these companies. This statement certainly isn’t meant to minimize the many other E&P disciplines, only to highlight the significance of hydrocarbon allocations.

When production data doesn’t flow, almost everyone in an upstream oil and gas company knows it and is affected by it. This data is the bedrock for so many others to do their jobs, make critical business decisions, and ensure healthy operations. When there’s a breakdown or lapse, company cogs fail to turn and churn the so-called wheel, causing major hiccups and disruptions in work.

Accurate, timely, and thorough production data is the lifeblood of all oil and gas organizations, and its ever-steady output must be prioritized and maintained.

Almost every discipline, department, and system in an upstream oil and gas company relies, to some extent, on access to current and historical production data. This makes it one of the most valuable resources and requires that it be validated, reliable, and consumable in the formats that each user requires.

Production data can mean different things to different people across the organization, depending on their disciplines.

In this article, we’ll discuss important benefits that efficient collaboration can bring to your field and back office teams – and your oil and gas company as a whole.

Good communication and collaboration between the field and back office simply drives better decision making. Many decisions that need to be made require multiple people from different disciplines to provide input into what action(s) needs to be taken. Rarely does just one person have the answer. Some common examples of the need for collaboration include:

Just as important as keeping a steady flow of oil and gas on every well, the same goes for production data. Individual and collaborative decisions rely on each discipline having access to that data.

Production data is the lifeblood of every oil and gas company. Providing the ability to capture and distribute accurate data quickly across the organization separates top-performing operators from the pack.

When oil prices are low, operators naturally turn their focus to reducing lease operating expenses (LOE). However, during the recent uptick in prices, conversations in production operations are focused on not forgetting lessons learned and continuing that focus on managing LOE.