Enhanced Asset Tracking through Capital Planning Oil and Gas Software

For a critical sector like oil and gas, it is extremely important for the management to deploy superbly trained personnel, who can work with the latest technologies. When it comes to oil and gas sector, managing field asset and taking critical decisions is the key to profit extraction.  To gain competitive advantage over its competitors, organizations must work with newer methodologies, which lead to better capital management. They must exploit the leverage of capital planning software, which will inventively make every moving part of the project visible. It provides with an upper cut, executive styled dashboard, which displays a screenshot of the project anytime. Hence, it is important for the organization to choose its technology partner smartly, who would be largely responsible for the desired technology platform delivery.

Enhanced Asset Tracking through Capital Planning Oil and Gas Software

It is important for the organizations to have a technology, which would vector proactively towards any discrepancies pertaining to the project. It is also important to manage capital resources in detail, so that there is no false threat elevation of manpower or public relation crisis. It is extremely important for the project to be in full compliance with the organization’s policies. Any deviation from the same will lead to non compliance in governmental regulations, which would be detrimental to the success of the project. Organizations should always choose to have collaborative power of technologies like Rig scheduler, AFE software and well lifecycle manager. Together they form a formidable force, with which better asset tracking and capital planning could be achieved. It is important to have coordination between strategic planning and project activities, for better sustenance.

Let us have a look at the importance of Rig Scheduling, which are used to monitor and optimize drilling performances. Advanced rig schedulers must establish interface with organizational legacy systems and other financial management tools, so that real time filed information pertaining to usage of machines and other resources can be accounted for. Smart rig schedulers can be configured to send reports and alerts, when a particular job is completed within a stipulated time frame and financial resources. They do use dynamic route system, which can be used to re-prioritize operators based on financial inputs. The trick is to prioritize operator based on real time well down time or production planning. Whenever production drops below the set target, operators must have the technology to re-allocate the job to other wells based on new field information. It is also necessary for the organizations to have a technology which would allow geo-fencing and tagging their field asset, which helps in quick changeovers or relocations.

Any project of the magnitude of oil & gas comes with a host of hidden cost, which needs to be addressed smartly. AFE (Authorization for expenditure) softwares are created to lubricate financial landscape. The real time nature of the software is designed to capture even the smallest of financial deviations from the set budget. It can point out to the areas timely, where there is a mismatch between asset allocation and production cost.  With a clear real time view of profit and cost centers, organizations will be in a better position to make CAPEX savings, thus extracting greater ROI from the project. This system can be integrated with organizations legacy financial planning software, with “zero”, downtime and data loss. AFEs can also authorize transaction, while on the go, with the help of its advanced e-mail approval system. In general, this system does prevent over spending with the help of high quality analytical reports, which gives clear business insights.

Advanced capital planning comes with the usage of smart application based system, where minute by minute field data could be captured and fed into the system. Any error in data should be highlighted instantly and prompt course correction measures taken. Enterprise grade data connectors pave the way for authentic data collection and build trust, based on reports throughout the organization.  With a series of business logic, both active and passive, top most data quality is maintained, which also stops any unauthorized activity. Advanced capital planning includes, a detailed understanding of regional trends, so that specific remedial policies could be implemented. The beauty of the system lies with its simplicity, which does not require extensive training to personnel, before operating.

Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *