Every business has its own challenge, but when it comes to a sector like oil and gas, the criticality is even greater. It becomes utmost important for the management to acquire critically skilled manpower and latest proven technologies, to derive competitive advantage. In order to do this herculean task, organizations must have capital planning oil and gas software package. This will make every moving part of the project visible and enhance real-time decision making. To avoid financial hardship, originations, should timely choose a technology partner, who would mitigate every risk proactively, when it comes to capital management. A good technology partner should offer real-time collaborative solutions pertaining to Rig scheduler, well life cycle manager and of course AFE (authorization for expenditure) software.
To prevent false elevation of threat, of scares human resource and public relations crisis, a proper insight into the management of capital resources is a must. It is very important for the top management to ensure, that the project is in line with the organizational polices. Any oil and gas project requires topmost synchronization between strategic planning and monitoring of the project portfolio. For example, Rig Schedulers are very important, as it monitors and optimize organizational drilling programs. Smart rig schedulers are meant to integrate with organizational systems and financial management software. These are known to configure specific job type, and sent alerts, when the same is completed, within the allocated resource and time. Many of the times it has been observed that, it becomes difficult to monitor the extraction of the rigs, which is solved by the rig utilization metrics generated by the “Rig Scheduler”.
When it comes to effective Rig Scheduling, re-planning and budgeting capabilities are a must, which makes the decision making and resource allocation easier. If implemented properly, the variance between the budgeted and actual drilling cost will be greatly reduced. Management can analyze each and every rig scenario, carefully and intuitively, which gives them extra leverage to function effectively. This system can also be integrated with “well lifecycle manager”, which is again an effective tool for the management. Now, well life cycle processes are very complex in nature and needs undivided attention. With advanced softwares, complex pad drilling programs can be executed and monitored effortlessly. The software should also be able to send proactive alerts, if any deviation from the standard operating procedure occurs.
The needs of the hour for the organization is a platform which can take care of the “well planning” activities, along with its “data management” needs. The platform should also be unique to the oil and gas industry, which should be able to undertake the activities of the complex drilling schedules. The software can also be programmed to take a role based security analysis role, with topmost auditing capabilities. This will lessen the well delivery lead time and significantly reduce cost. It is observed that, field supervisors need a platform, from where they can keep a track of land resource management and production accounting. This is made possible by the inclusion of advanced “well management” platform.
There are lots of hidden costs associated with oil and gas industry, which can only be addressed effectively, with the inclusion of advanced capital planning platform. AFE (authorization for expenditure), are just the right resource, with which any financial management crisis can be sought out. This mobile based solution is designed to increase CAPEX savings and deliver greater ROI from the project. It is known to minutely analyze all the cost components and its impact over the business as a whole. With this advanced capital management platform, teams are empowered to create and manage AFE, while on the go and can instantly authorize transactions via e-mail. This platform is highly configurable in nature with the other workflow processes of the organization. It has got a role based security access, which establishes superior control over the financial allocation of the project. It can also be integrated with the 3rd party company systems, to ensure wider spread of information. AFE can also be synchronized with advanced analytics module, for better business insights and decision making. In general, it improves the much needed data quality and reduces the over spending by the organization. This platform does not require heavy hardware or system load. It is compatible with a database server of 32 GB RAM and 2×4 3.0 GHz CPU.