Oil & Gas producer reduces operating costs by $4.5m and increases net revenue by $40m annually by digitizing field data capture.
Our client, an oil & gas producer with operations in Canada, needed to better understand the Net Operating Income of each of its wells. With this knowledge, they could better determine the priority of well site visitations. They could more efficiently direct the daily activities of field workers to those sites that would have the most significant impact on revenue. Before Field Safe, a well operating at full capacity was visited as often as one operating at lower efficiency.
Field Safe created a Well Site Visitation Form that allowed our client’s field workers to easily capture data from each well site they visited. This field data was integrated into IBM Watson. Daily forms were produced that advised supervisors of well site production so that they could schedule crews’ visitations and maintenance programs for that day based on that data.
Digitizing the collection and submission of field data allowed the oil & gas producer to operate by priority, directing workers to sites that would have a greater impact on revenue. By minimizing lost revenue across more than 450 well-sites, our client is reducing costs by 2% or $4.5m annually and increasing net revenue by $40m.
That’s a nice Return on Investment.
Our client will continue to investigate ways to use the data Field Safe is helping them capture to create even more operational efficiencies.
Multi-national drilling and well services company