UTILIZING TECHNOLOGY TO SURVIVE AN UNCERTAIN OIL MARKET
Jimmy Sebastian, Seven Lakes Technologies’ Chief Product Officer, explains in an article in the “Oil & Gas Financial Journal” why oil and gas extraction should be on the cutting edge in its application of technologies. Some companies have been forced to cut drilling production and others have filed for bankruptcy. They are overlooking opportunities for operation efficiency and are paying the price. The companies that can produce at the lowest cost have always been the winners and technologies that create operational efficiencies should not be overlooked as part of that equation. Seven Lakes Technologies offers data analytics products and services that reduce costs, increase production, and improve efficiency.
Seven Lakes Technologies’ analytics solutions empower companies to determine and prioritize the highest impact wells that should receive immediate attention to minimize loss and get production up and running as quickly as possible. Our solutions also monitor production performance indicators and identify problems/anomalies and low producing wells quickly. Such analytics solutions have been credited with improving performance by 1-2% on an average (note: depending on an organization’s size, even a 1% improvement results in millions of dollars in revenue).
To survive in this depressed pricing environment, oil and gas companies must:
• Accelerate the transformation of their organizations to be data- and analytics-driven and to adapt to the changing business and technology landscape;
• Consider the low-hanging fruit; the quick-to-implement, low business disruption analytics and process improvement technology solutions; and
• Apply established technology solution developed specifically for oil and gas in an effort to realize ROI more quickly.
Applied correctly, technologies that bring data to the decision maker will drive better, faster decisions by maximizing assets, tailoring cost reduction, increasing production, and improving efficiency.
Read the full article on page 44, http://digital.ogfj.com/ogfj/201509?pg=46#pg46
