Articles

Oil And Gas Software- Refuel Your Business Revenue and Productivity

by Max Anderson Digital Marketer

Over the past five years, the industrial oil and gas fields have reached difficult times, because oil prices dropped and never recovered. Ibisworld calculates that the income of the oil and gas field service industry has decreased by 10 percent in the last five years, and is estimated at around $ 75 billion in 2019. The number of businesses during that time decreased by 2.1 percent and the number of employees fell three percent, said Ibisworld.

The latest challenge in oil and gas

The Houston Chronicle article, "Oil field service company faces other Tough slogs," describing my strait. He reported, "Energy service company faces a difficult slog because they recover from a deep decline in industrial that accumulate billions of dollars that accumulate billions of dollars that accumulate billions of dollars in red ink and tens of thousands of jobs ... Despite record oil production and natural gas in United States, Schlumberger's stock price, the world's largest energy service company, and Halliburton, number two, has fallen about half of what they were a year ago. The number three price of Baker Hughes fell more than a third. "

All of this happens when the oil and gas field service industry must be booming because of a dramatic increase in oil and gas production in the United States, said Ben Carey, an executive director with the office of the Houston Energy Strategy and Accenture Consulting Company. He told the newspaper, "given increased production in heavy service flakes, it must be the golden era for service companies. But it doesn't."

The reason? Newspaper reports, "Service companies are very sensitive to changes in oil prices. When crude oil prices fall, one of the first places of oil and gas producers switch to cutting costs is energy service."

The solution? Oil And Gas Software

However, it doesn't need it like that. Carey said that a close solution for the oil and gas field service industry - using digital technology to increase automation, collaborate better, collect a large amount of drilling information and other data from sensors, and analyze data, and analyze other data. He said that it would increase efficiency, cut costs and increase profits.

The best technology for the oil and gas field service industry

The oil and gas field service company needs to find a platform that can help them build tools to do all that. The ideal is Ncypted’s oil and gas software. This allows oil and gas service companies to build applications that bind the field directly to office operations, improve logistics, streamline inspections and dramatically increase data retrieval.

What Are The Essential Feature of Oil and Gas Software?

Many device support

In the upstream work environment that is fast today, connectivity, and compatibility is a key factor in achieving overall efficiency. With array devices and platforms available today, your software - and your data - must be accessible where and when your team needs it. From field personnel, to production and operations, land and accounting, and along the way to execute and management, have compatibility and the ability to share real time data on all devices allowing all your operations to function more and more effectively, cutting down at costs and improve the performance.

Right allocation

Determining the production methodology and deciding the right allocation can be a challenge and take time without the right tool. The latest oil and gas production management software must be able to combine measurement data with site-specific information to simulate field conditions and produce algorithmic solutions.

Other Energy management software and platforms consider the following factors when developing flexible algorithms to address complex allocation calculations:

Frequency of Test sampling. Do do traditional production well tests or take more advanced multifactive flow measurements, the frequency of sampling you will affect the accuracy of your projected allocation and hence affect the calculation.

Seizing wells. Before the advanced emergence of software, well-side wells presented the main obstacles to the allocation. Now with complex logic skills and workflow, the complexity of the well system gathered is easily handled by the allocation algorithm.

Facilities, sales points, or pipe changes. Any changes made for upstream or downstream production, at any point during operation, can be considered and included in your allocation management.

Local Regulation Requirements. State regulations and federal play an important role in providing a framework for the allocation process. Regulations can dictate the type and frequency of well testing, which can, in turn, influence the accuracy of reporting. Digital allocation platforms can increase regulatory compliance and mitigate risks caused by inaccurate or rare testing.

Because we have put the importance of having an effective digital platform to manage and optimize allocation, finding the right software is an important step to improve the overall performance of your gas or oil company.

Expenditure tracking

Tracking expenses for gas operations and oil fields you do not have to induce stress or stress resources, but can take time, which is why finding the right software to streamline spending tracking can have a measurable impact on the efficiency and overall cost. That said, the production of fossil fuels does require the use of industrial specific accounting procedures to track real and intangible costs.

Here are some abilities outside the basic spreadsheet that you should search on the software platform to retrieve expenses and tracking AFE to the next level.

Real and intangible shopping tracking. The costs associated with exploration and operation of oil and oil wells need many forms, often classified as 'real' or 'intangible' based on their rescue value. From administrative, transportation and construction fees to funds set for Wellhead measurements and equipment, it is important that your expenses tracking software has the ability to track and analyze all costs in each area of your company.

Top to tracking AFE down. Tracking and appropriate AFE report not only helps your operations to run more smoothly and cut costs, but also give trust in investors by providing instant access to estimates vs actual costs, AFE approval status, and other performance metrics.

Accounting system integration. Spending tracking software You must give you the ability to integrate this information into the rest of your accounting system, giving you a complete picture of production performance.

In a Nutshell

Choosing the optimal accounting platform for oil and gas companies You can help you overcome the management challenges of managing and streamline the AFE process, while taking some administrative burden from your upstream and downstream team to focus on a more urgent production area.


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About Max Anderson Advanced   Digital Marketer

82 connections, 7 recommendations, 400 honor points.
Joined APSense since, February 6th, 2018, From new jersey, United States.

Created on Jan 1st 2021 02:35. Viewed 87 times.

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