Reduce Data Management Cost

  • Automate collection & QA of experience data
  • Automate data mining & reporting
  • Share data across teams, assets & IT system

“For most of the well stock that we have purchased, we do not know the equipment or state of the equipment that is in the wells.“

Engineering advisor, US


man-hour-data-management

As wells are growing in numbers and complexity, oil and gas operators are provided increasing amounts of valuable information to use as basis for decisions. However, research shows that only 1/4 of the time is spent actually using the data, with the rest spent on gathering and reporting. With data management cost already encompassing 3.5% of revenue (Forbes), and the amount of data is expected to grow by a factor of 44 in 10 years (IDC), the potential for improvements is huge.

WellMaster provides a platform for standardizing and structurizing the data, making it readily available for analysis, comparison, benchmarking, and reporting.

 


Reducing Data Management Cost with WellMaster

WellMaster aids the operator by collecting data from existing systems and digitizing unstructured data, and creating a single location for the full well history. With key well equipment and failure data gathered in the hosted solution, the WellMaster API (Application Programming Interface) allows for swift integration with existing systems for further use of the data. Thus enabling the use of key equipment experience data within the operator’s existing work flow.

 

Data Management process


The Results

By introducing WellMaster as data management solution for key well equipment data, the operator can reduce cost and build a strong foundation for well history reporting.

  • Saved labor cost
    Allow engineers to spend their time on the real task at hand, and move resources from data gathering to risk mitigation and production optimization
  • Standardized well history
    Equipment information presented in a defined format, allowing standardized reporting across teams, fields, and assets
  • Information readily available
    Hosted solution providing instant access and data sharing within the organization
  • Access to vast database of equipment reliability data
    Expand the analysis to include aggregated data from operators world-wide
  • Integration with your own systems
    Equipment reliability data fed back to existing systems

WellMaster standardizes unstructured data, and creates a single location for well equipment history.


“Size of well integration team was reduced from 5 to 2, by implementing automated data consolidating and reporting systems for a company with 300 wells.”

Well Integrity Specialist

BP