In a perfect world, wells, field measurement, and their corresponding hydrocarbon allocations would be developed simultaneously, but fiscal limitations, regulations, and changing calculation requirements make the reality much more complex. And with multiple consumers and downstream processes within an upstream company relying on the results of these allocations, it is important that some fundamental best practices be followed to ensure accuracy and timeliness.

Connected data and surveillance by exception also help companies reduce Opex, increase production, and reduce risk

The statistics are sobering …

In 2015's climate of low oil prices and lean capex budgets, teams have come up against a hefty challenge: maintain company revenues with fewer wells in operation. This test can only be passed when production for these fewer wells is increased and held at the highest level possible. Production-impeding issues of any kind, therefore, need to be pinpointed and corrected quickly.

Lowering operating expenses is a quick ticket to free cash flow for upstream firms

This is the first in a series of six blog posts that covers the six key ways for upstream oil and gas companies to adapt to today’s low-price environment. This post addresses the topic of reducing operating costs.