Use case: Asset lifecycle management
Goal
An integrated energy company that works in the exploration and production of oil and natural gas needed to automate its oil and gas asset lifecycle management process for tighter alignment with complex regulatory requirements and an improved competitive edge.
Challenges
- Numerous and complex manual paper processes were slowing down operations
- Unable to effectively manage asset decisions and lifecycles
- Inefficient workflows required manual intervention with human errors
- Lack of effective regulatory compliance with disconnected systems
Solutions
- Built an automated process for the five stages of asset management
- Integrated with GIS system for geolocation of wells for better decision making and planning
- Streamlined numerous workflows to reduce errors and complexities
- Increased reporting capabilities for improved compliance
Results
- Reduced cycle times by 74% for faster time to production
- Lowered costs by $100,000 per day
- Realized $22 million in netback new revenue
- Enabled smarter and faster decision making and reporting
