Companies dealing in oil and gas could be upstream, mid or downstream, they would all face challenges in the market. This would be specific in many cases, especially, when evolving and new regulations are laid down by the home government with regard to water and air quality.
That is why having the right software for reporting and data management is a must. This would help with predictions and forecasting of prices, especially, in a market where volatility is so high. Moreover, the shift now is more from exploring the oil fields to exploiting it, and there are challenges in it as well.
When we talk of lease exploration, lifting of leases and refining or processing leases, there are costs which are associated with it, and they aren’t low.
Transportation of refined and crude oils to various markets too can cost the company’s pockets a large fortune.
Acquisition and mergers
Another challenge faced would be that of mergers and acquisitions. This is an activity which frequently occurs in the oil and gas industry.
Majority of the data thus collected in under-exploited when such phases occur, impeding decision making at large.
Billing pangs and troubles
The way billings are done or drilling shares are taken into consideration with all costs involved, too can give birth to duplication of data and other invoices on paper.
Finding the original files and maintaining them can consume a lot of effort and time in the bargain. Most of which can be false, inaccurate and incorrect too, giving rise to more complexities ahead, especially at an audit.
The importance of software for rig reporting
- With the help of software in place, real time data collection can be done with accuracy and reliability. From various assets and sources, the reports can be obtained and culminated for future predictions and forecasting. Upstream oil and gas companies in the industries would benefit from such software reports on a long term basis. This is because, between exploring the industry and producing from it, right to the selling of gas and oil in the market, there has to be an anticipation done by the companies, a decade or more ahead.
- With the right software in place, demands can be met, which includes oil and gas orders, deliverable and invoicing for the same as well. The software would let the company know of the levels of fuel and thus well informed decisions for the same can be taken for profit making and margin maximization.
- The productivity of oil wells can be seen with the help of 2D and 3D imagery developed through the software. This will tell the company of the wells productivity, using seismic data which shows the positioning of bores, crude oil quality and quantity and environmental needs too.
- Rig software reporting can also help with error free reporting and reliable data management too. Assets can be tracked well, such as equipment for boring, packers and zone isolation too. One can also expect the software to help with shipment of vessels, maintenance and inspection of the ships and shipment, oil rigs and other amenities around.
In short, with the right reporting software for rigging, one can get the right verification, reporting and tracking done. This would help with the integration of data, accounting and standard formatting too.