Modern technologies are offering new solutions to help overcome current challenges in the Oil & Gas industry, including unpredictability, rapid workforce changes, and generational gaps.
These challenges commonly arise from the reliance on paper processes. The root of this problem stems from many moving parts in oil & gas operations that lack real-time information and accessible resources.
Operators that have their information residing in departmental silos form business intelligence barriers. These common barriers prohibit productivity and create liabilities. Different systems of record that silo critical oil & gas data pose challenges to regulatory compliance and also increase exposure to litigation.
These loose ends and information gaps make it difficult for mergers, acquisitions, and divestitures to track the chain of custody and oil site longevity.
To bridge the gap of missing information, facilities have adopted the digitization of well logs. Digital well logs secure all forms of data, making facilities agile to changing conditions and complex processes.
The digital shift is beneficial for cross-collaboration, material planning, and decision-making, helping to create a seamless workflow using a centralized repository for well logs and land records.
It equips facilities to stage and transport information quickly and efficiently while securing their assets.
Benefits of digitized well logs
- Increase process efficiency and productivity
- Reduce infrastructure and exploration cost
- Decreased risk and better management for litigation, violations, and incidents
- Organized, secure structured data
- Process transparency improves risk assessment
Improving asset management
Electronic data management organizes data and optimizes processes that maximize productivity and operational efficiency.
Usable data eases the managing process for divestitures and acquisitions to achieve accessibility and searchable information across an enterprise.
Having accessible information with structured data in a centralized location provides a facility the visibility to manage resources easier and improve workflow functionality.
Precision and predictability
This first-hand insight results in predictable outcomes. By integrating technology solutions, facilities can make measurable forecasts with improved accuracy.
Well-logging tools can be used in a geographic information system that enables organizations to make data-driven decisions with an improved asset analysis within an oil & gas well database.
Data analytics can make in-depth assessments of what lies below the surface so you can take the right operational acoustic measures. Data stored in a GIS leads to more informed decisions by being able to evaluative a borehole from geophysical data.
How it helps:
- Identify duplicate, inaccurate, or missing data
- Classify, extract, validate, all information within a database
- Transform semi-structured data into fully structured
- Quickly identify key documents and match well logs
Facilities can streamline real-time information with a centralized platform integrated within their workflow. Electronic data management solutions and digitization help control compliance, reduce cost, and shorten the production cycle time.
If you want to learn how your organization can manage Oil & Gas information to improve workflow processes connect with a DataBank expert.