Data Management the Key for Unconventional Success
Data management and new technology is lowering the risk level for unconventional oil and gas E&P. This has become apparent in recent years and is a radical change from former risk levels of investment.
Computational analysis is at the heart of risk reduction and the ease with which entrepreneurs in this field are now finding funds. is more important than ever before.
Technology drives analytics for better governance, risk, and compliance (GRC) applications. The amount of Oil and Gas information is rapidly increasing.
At the same time mobility, cloud, and Big Data analytics offer opportunities to effectively harness the way information is managed, used, and distributed enterprise wide.
Entrepreneurial Gains
Mitigating risk in oil and gas operations at any part of the cycle from upstream, midstream, and to downstream ultimately leads to entrepreneurial gains.
Enterprise wide management of information and intelligence drives success. Consistent, contextualized, and integrated information that is available immediately and on-the-go is required to support most operations.
Collaboration tools are also necessary for communication both within an enterprise and between enterprises, because expertise is required across the globe.
The complexity of drilling and other oil and gas operations is such that the ability for engineering, design and applications experts to work together is essential.
Teams rely on high-end 3D visualization and collaboration rooms that allow members anywhere to access the same data, models, and tools.
Aside from the need to bring in experts from many areas, including field services, seismic, drilling, exploration and production, team members can also access detailed descriptions of the events leading up the present.
Those engaged in making decisions for exploratory wells can obtain a full brief of both information and through collaboration with essential personnel. Software developments at E&P companies are at the heart of production improvements.
Technology Improvements
Research in unconventional oil and gas technology is ongoing industrywide. GTI was awarded $6.2 million by the Research Partnership to Secure Energy for America to develop and design new techniques in support of environmentally safe and economically efficient hydraulic fracturing projects.
This work is derivative of an innovative technique recently completed at Marcellus Shale involving a field-based industry collaborative R&D project.
A new technology for natural gas purification uses a hollow fiber contactor design that offers significant advantages over traditional technologies, ultimately reducing gas purification costs significantly.
This technology can be applied to pre and post combustion carbon capture and is applicable for use in floating LNG platforms.
Only recently has there been a holistic strategy for managing risk and compliance across functional domains and the lines of business. Today, with heightened regulation and increasingly complex risks, technology is more important than ever before.
Conventionally, upstream operations have struggled to overcome segregation of data. Now integration and knowledge sharing are driving industry advances.
For more on how oil and gas is changing, read this article on the evolving role of IT…