Benefits of a software the Oil and Gas Industry
Posted: Apr 28, 2017
Through the years, a lot of software technologies were built to cater to the changing demands and processes in the oil and gas industry. The technologies enable the industry to be more efficient and much safer.
The Oil and Gas industry is no stranger to technology evolution. Through the years, there have been many technologies that enable the industry to be more efficient and profitable.
KEY CHALLENGES IN THE OIL AND GAS INDUSTRY
The Oil, Gas and Mining industry are the core industries all over the world with strategic relevance that influences all other economic spheres. Some of the key challenges that the industry faced include the following:
- Adherence to stringent rules as well as regulatory compliance
- Complex chain of industry processes and operations
- Need for sales and operations planning that are effective for product supply and forecasting
- Robust influence of external factors such as commodities prices and weather
- Making certain of cost savings with processes that are more integrated
- Need of new skilled workers for handling a dynamic workforce
CUSTOMIZED SOFTWARE SOLUTIONS
To overcome the challenges faced by the industry, there are software organizations, such as TatvaSoft Australia in particular, that develop customized software solutions which add great value to downstream and management level operations as well. The apps streamline, simplify and automate admin, asset, field work, procurement and sales and distribution processes. Furthermore, there are also downstream apps that allow better forecasting of data, monitoring of equipment, accurate decision capabilities, control and optimum utilization.
THE WELL ANALYSIS SOFTWARE
A well analysis software, such as one that is created by TatvaSoft is a comprehensive system or application for analyzing oil and gas well performance as well as evaluating reserves. Such systems have a full suite of robust reservoir engineering tools improved with an interface that is map-based. It further creates common corporate workflows which harness the technical expertise of an organization and share interpretations to be able to determine the best asset development techniques.
BENEFITS OF A WELL ANALYSIS SOFTWARE
- Bring value and efficiencies.
- Boost technical decisions with advanced, reservoir patterns.
- Efficiently extract maximum value from well performance data as much as possible
- Drive work efficiencies and determine unrecognized value with defensible scientific analysis.
- Minimize IT overhead and training efforts through combining numerous apps into one.
- History match more wells in less time with Multiphase Hybrid model, the quickest numerical model on the market.
MINING DATA INTEGRATION
Integration and mining of data that is generated in the hydrocarbon discovery and production process gives answers to some of the huge questions faced by the industry. These include questions as to the location of more oil and where the most environmentally safe places for extraction are. Determining and exploiting data that provide answers to these questions is just one of the many goals for a software that is based on big data analytics.
ENHANCHING OIL AND GAS DRILLING EFFICIENCY
Although oil and gas is in the early stages of using big data analytics, new software, data manipulation tools and new middleware would be harnessed for locating and processing oil and gas resources and to optimize and control operations as well. The following are some of the technologies that help improve efficiency in oil and gas drilling.
A. Rotary Steerable Systems. RSS have grown in popularity since the late 90’s. Today, operators are working on lowering the costs and making RSS more user-friendly. Some analysts as a matter of fact expect rotary steerable directional drilling to surpass conventional directional drilling in the future.
B. Proppant Enhancements. As some operators experiment with increasing density in proppant, others develop high quality formula to help production. Some proppant organizations are making self-suspending proppants that are more efficient. They’re also developing proppant transfer technology which applies a special coating to boost oil mobility.
C. GPS Tracking. It reduces misinformation since GPS units report on rig location, rig class and other metrics constantly. This means no more guessing on rig locations.
D. Well-spacing. At times, small adjustments to well spacing could make a huge difference in production. More companies use advanced modeling and micro-seismic analysis for developing better well spacing methodologies before proceeding to drill in new places. Modeling wider spacing and timing the process just right minimizes systematic interference and boosts production. It is an amazing example of better technology and ingenuity that boosts production and minimizes costs.
NEW LAWS NEED NEW TECHNOLOGY
In the near future, there would be more detailed laws that could emerge as the oil and gas industry changes. Nevertheless, it is without doubt that when the industry invests in new technology, it would pay off. As laws such as the export oil ban change to make room for the global oil demand, there would be more incentives in developing new technology.
New technologies for oil and gas are coming up fast. Some are already gaining in productivity because of the intelligence and patterns derived by improved information analysis.
Ritesh Mehta is the Sales Director at TatvaSoft Australia, a Software & mobile app development company. For Over 15 years, he has been professionally active in financial management, software development.