Oil and Gas Company Optimizes Well Development Costs Using Advanced Analytics Solutions

Sep 22, 2016

Business Challenge

Improving operational efficiencies.

A global oil and gas company wanted to implement an effective solution that could allow them to optimize the good operations and thereby improve performance, and reduce cost.

Situation: Rising operational costs and reducing margins.

With fluctuating commodity prices and increasing cost for operations, the client was facing problems in managing costs and achieving optimum profitability. They wanted to implement a solution that would allow them to make use of internal data to develop insights on process improvement and cost reduction.

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Advanced analytics solution for drilling operations and cost assessment.

We developed a solution that made use of the client’s internal data for developing a list of key performance indicators specific to good performance and develops comparisons across different wells. The solution also helped them monitor key trends and performance levels of the wells. The client was able to obtain detailed insights on operational metrics around performance areas and their correlation with costs, for devising process improvement strategies.

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Reduced well development cost and improved operations.

The client was able to develop an understanding of the correlation between the cost and performance of various operations and utilize the understanding to develop strategies for cost optimization. They were able to effectively improve the operational efficiency based on an understanding of performance parameters.

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