Shale Activity Creating Need for Updated Data Management Systems
While companies have tons of data, the information that companies have is not all that consistent, and so far, nobody has been prescriptive enough to estimate information on a well-by-well basis. Jim Kiser, partner with Deloitte said he feels like the industry “is on the dawn or cusp of some realization on how to use tools”.
Advances in production logging technology, with more reliable data in multi-layer and multi-phase flows, presents challenges in direct integration with geographic information systems. Visualization tools are allowing companies to put data into an easily digestible form that can tell a story. In the past, oil and gas companies used to take a pin and yarn and walk around a wall map. Now, companies can dive into a map and gain deep insight and connections between variables.
Because of these complications, oil and gas companies need to look at these activities and think about what their business processes are now and what they will need to be in the next five to 10 years, said Kiser..
“Oil and gas companies will need to look at their data collection and business and settlement processes, and identify tools to support operations going forward.”
Deloitte Recommends Front-End Loading Approach
To address these issues, Deloitte recommends that oil and gas companies adapt an approach used by many manufacturing organizations call Front-End Loading. This practice recommends spending up to five to 10 percent of total project costs in really solidifying a sound project estimate, execution plan, and clear understanding of benefits.
“Companies should assemble their set of requirements around their business before looking at technology to address the data coming out of shale operations. Otherwise, they could end up overburdening themselves with technology and trying to fit their company around that technology to justify the investment,” said Kiser.
“Technology vendors in the space have phenomenal solutions and a wealth of experience and education that you can learn from” said Kiser.
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