Oil and Gas Software Selection, Evaluation, and Comparison

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Oil and gas companies—whether upstream, downstream, or mid-stream—face a wide range of industry-specific challenges, including new and evolving government regulations for air and water quality, and the need to better forecast prices in a highly volatile market (with fluctuating demand as well as fluctuating prices). There is also a shift in industry focus, from oil field exploration to exploitation, which raises issues related to “brown” (or mature) fields and sustainability.

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Other challenges faced by the oil and gas industry:

the increasing costs of exploring leases, lifting, and processing/refining, as well as the costs associated with (downstream) transporting crude and refined oil and gas products to markets (this, combined with low price-per-barrel, is causing cash-flow problems that further inhibit exploration)
frequent merger and acquisition (M&A) activity in the oil and gas industry, which causes silos of under-exploited data, which in turn impedes decision making
procedures for billing well partners for their share of drilling costs that involve duplicate data entry and various paper invoices, which takes up substantial time and effort—and can be incorrect or inaccurate, adding complexity in the event of an audit

Oil and gas companies can overcome these challenges with any number of solutions that incorporate functionality specifically designed for the oil and gas industry. Some of these solutions include enterprise resource planning (ERP) systems with geographical information system (GIS) functionality; field operations or field services management (FSM) and records management systems (RMSs); oilfield radio frequency identification (RFID); planned maintenance systems (PMSs); and accounting systems with various functionality specific to oil and gas, including electronic joint interest billing (JIB).

Don't know where to start?

We can help you identify the right type of software to evaluate.

ERP for the Oil and Gas Industry (Upstream)

Benefits of Using Software Solutions for Oil and Gas

BI: Allows engineers to collect real-time data from disparate sources and assets, both indoors and in the field and create reports as often as wanted/needed; allows companies to better predict resource availability and forecast changes in price or demand. This is especially important for the upstream oil and gas industry, as there can be several years between exploration and production to sale of gasoline; companies therefore must be able to anticipate markets five to fifteen years ahead.
SCM: automates the processes involved in meeting demand, including ordering oil products, delivery, and invoicing; lets companies know exact fuel levels and make decisions to protect or increase their margins
GIS: 2-D and 3-D modeling capabilities allow companies to increase the productivity of their fields and wells, by using electronic seismic data to better determine quantities of crude, ideal bore positioning, and environmental analysis, etc.
Field operations management: stores field data about oil wells, reserves, land, pipelines; schedules crews and equipment; creates tour sheets, etc. (may even offer wireless functionality). Also, automated systems can allow you to submit electronic well permit applications—saving time and reducing manual error.
RFID: enables better tracking of assets, including wellbore equipment, packers, completion hardware, and other expensive equipment. RFID can also be easily programmed for use as a zonal isolation tool (opening or closing valves), for use as a modulator or activator for the functioning of other assets, and as a recorder of historical data including temperatures and means of checking the safety of assets, such as valves. RFID can also help cut the cost of operating fleets and streamline deliveries with automated RFID tags on crude oil and gasoline tankers.
PMS: allows ship or vessel owners to manage the maintenance and inspection of their ships or other vessels, such as oil rigs, as well as other facilities.
Production accounting solutions: enable production verification, tracking, and reporting, integrating field data solutions.
Accounting solutions with JIB functionality: provide a standard format for electronic billing that are far less time-intensive than paper/manual formats and more accurate, helping to improve cash management and simplify audits.

THE RISKS OF A FLAWED OIL AND GAS SOFTWARE SELECTION PROCESS

If you don't have a business intelligence (BI) solution that helps you get production data from your oil fields, you may be unable to estimate whether you will be able to meet or exceed demand. This can result in either under-production and loss of revenue due to missed sales opportunities, or over-production and loss of revenue due to an over-saturated market.
Without the ability to generate digital seismic images and data, accurate and useful models of exploration sites—as well as further exploitation of old sites—are impossible.
Faulty security at production facilities—and not having security measures built in to all systems—can jeopardize your ability to protect your operations, and your supply chain.
Inadequate scheduling capabilities (i.e., manual scheduling) can mean that workers are not allocated as needed to a given drill site, rig, or tanker, resulting in sub-optimal production or late delivery.
Improper monitoring of assets puts your employees and assets at risk—for example, if you don’t know when your pipelines are due for inspection, and can’t monitor them by distance or receive automated inspection alerts from RFID tags, a leak may occur, causing damage to the environment and incurring penalties. You also run the risk of spending needlessly on “over-maintaining” your assets.
Not being able to generate automated reports—such as the Minerals Management Service (MMS) Oil and Gas Operations Report (OGOR)—of your production on Federal leases may cause delays or inaccurate data, and result in violating your federal lease by not paying sufficient royalties, and subject to fines or penalty.

Why use the Oil and Gas Evaluation Center?

Oil and Gas | Compare Software Solutions

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