Oil and Gas: How to Leverage Deep Insights from Reporting
Profitable oil and gas operations use disruptive technologies such as automation and IoT. But sensor data from IoT devices is worthless, if you don’t know what the data says, its significance or how to apply the data. Reporting helps makes sense of the complexity in your data in an already complex landscape, as is the case in the energy, oil and gas industry.
Data streams in from different points in your operation: from mobile devices from your crewmen in the field; sensorized equipment from multiple locations; and financial, client, vendor and employee information from your back offices. Paper-based processes and reports cannot guarantee complete accuracy. Neither is it possible to have data manually processed and still offer on-demand availability.
Even operations who do use digitized systems may have disparate software, requiring users to export data, then undergo the cumbersome task of formatting that data just to import data sets into another system.
Though investing in a new or upgraded system may be involved, having a completely integrated system from end to end, streamlines the reporting processes. Non-siloed information offers holistic and accurate data to all workers, as well as saving in operational costs that aren’t so obvious.
Reporting for visibility
Visual, dynamic reporting simplifies compiling and viewing data for ad hoc reports, which are helpful for making quick decisions, also helpful if your data changes constantly. For example, on-demand data accelerates deep insights of geological data to improve decision making for an effective strategic planning process that leads to profitable project evaluation and selection
Reporting provides deep insights to help boost your productivity and reservoir capacity. Granted, true systematic optimization requires strategic improvements and reiterative practices. But change needs the support of digital tools, including reporting.
Case in point, you can use improved accuracy of reservoir models to develop cost-effective drilling and production plans with more precise production forecasts and maximum long-term hydrocarbon recovery. Run faster reports on subsurface geology and production history to establish reservoir production potential versus performance to date. With data, you can identify technical constraints on production for the end-to-end production system, and on existing wells, such as the infrastructure supporting well operations. Only when you have accurate visibility into every aspect of your operation can you pinpoint ways to close the gap between production levels and the reservoir potentials.
Reporting affords greater visibility even to the health and daily performance of your equipment. Foremen and other supervisors can access up-to-the-moment data on the health and maturity of your equipment. This access to data generates reports to alert you to imminent equipment failure, allowing you to preemptively maintain your equipment, saving on operational costs.
>> Read related: Predictive Maintenance in Oil & Gas, Field Service
Make compliance reporting painless
Regulatory compliance can be the greatest challenge for oil and gas operations. A single oil and gas company is subject to multiple regulatory bodies, demanding different kinds of data in varying formats. Moreover, regulations change often—what is considered compliant yesterday may not be compliant today.
The easiest way ensure that you’re consistently compliant is to continually monitor every aspect of your operation, taking advantage of an audit trail that you can access when you need it. Sticking to paper processes and manual reporting subjects your compliance at risk. Furthermore, it’s expensive. Dedicating an analyst to enter data from stacks of paper-based information incurs unnecessary overhead and human resource costs. In addition, paper processes are more difficult to audit.
What to look for in a reporting tool
When you’re looking for a digital tool, look for reporting software that is part of a complete, end-to-end solution to give you insights across all levels of your operation. Power BI with Microsoft Dynamic 365 enables your energy, oil and gas operation to create rich, interactive reports with robust functionality. Create customized, interactive reports, where you can click on a graph element to examine specific data sets. Drag and drop features make it easy to modify reports and display the information you need.
Oil and gas companies have a lot on the line in respects to operational costs, squeezing out as much production as possible and ensuring compliance. Because the landscape is ever changing, smart businesses are leveraging digital tools to enable systematic improvements in their operations.