Industry Article

Publication: E&P Plus, February 2021

As the industry seeks opportunities to extract the most value from existing assets, cloud-based systems provide an opportunity for increasing production and enhancing operational efficiency.

Globally, oil and gas executives are focused on enhancing value from existing resources. This approach applies to all aspects of the industry, including human capital, physical assets and data. This is particularly important in production operations, where resource utilization drives unit cost efficiency and project economics. 

Legacy software approaches are not well-equipped to manage today’s connected oil fields where single wells can generate 100,000 datapoints per day. Data management challenges arise from the sheer volume and complexity of acquired data. Asset teams spend significant resources contextualizing data to extract meaningful value, which lengthens the time from data acquisition to field actions.

Today’s oil field requires an approach that leverages cloud computing to transform production operations by streamlining data management. This empowers asset teams to concentrate on higher-value tasks and enables more agile and dynamic decision-making.

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Authors: Brandon Cavallaro, Aron Hallquist, and Colin JB Smith, Schlumberger