Efficient and effective hydrocarbon allocation and production reporting can mean the difference between profit and loss, between growth and stagnation. However, there is a chronic lack of focus and consideration given to the tools that can help position your company to take advantage of a dynamic oil and gas market.
Many still opt for traditional hydrocarbon accounting (HCA) systems that are so often associated with expense, inefficiency, long delays and work-arounds. However, an increasing number of companies have learnt how much better HCA can be with the EnergySys Cloud Platform.
Continue reading “Why EnergySys is Better”
The cost of legacy hydrocarbon accounting and production reporting systems is not simply about the prohibitive costs of procurement, deployment and upgrades. It’s also about the opportunity cost incurred by the inability to respond in an agile fashion to changes in the business.
A traditional software solution like Energy Components can be breath-takingly expensive and take an age to implement. Changing it is often hard, requiring highly specialised skills, and just doing an upgrade can be surprisingly costly. Indeed, having to pay someone both for the upgraded software, and for implementing it, is evidence of a broken process. When you buy Office 365, you don’t have to pay Microsoft to upgrade you ever time they make a new software release: it just happens.
Continue reading “Solutions that work for you”
It seems clear that a focus on digital oilfield has delivered real value to the industry, but the impact was not as broad as it might have been. As William Gibson said: “The future is already here — it’s just not very evenly distributed”. One key problem highlighted in our review of digital oilfield was a lack of a broadly understood definition of what digital oilfield actually means. Without general guidance and widely applicable process and technology, the spread of best practice will be limited by an individual company’s ability to identify and apply developments that might bring benefits to their business.
Looking forward, the energy around digital transformation is very positive, but the key question is how we maximise the impact.
Continue reading “Digital Transformation – a Major Opportunity for Oil and Gas”
Just like every other part of your business, Hydrocarbon Accounting (HCA) is more efficient and produces better results when it is tailored to your requirements. However, with traditional systems like Energy Components these customisations present users with problems right from the start. Implementation requires a team of developers and technology experts, and these same highly skilled individuals are required every time a change is needed, or the software requires an upgrade. When you have to ask Accenture to do the upgrade for you then you know you’re in trouble! This type of customisation means that you have lost the benefits of a product: there’s no clear separation between the core software and your solution.
This is not simply a problem with production reporting and hydrocarbon accounting. It is a pattern repeated across the oil and gas sector. Continue reading “You deserve better: the future of Hydrocarbon Accounting”
Efficiency is vital in the oil and gas industry, and operators are constantly on the hunt for a competitive edge as they seek to produce hydrocarbons as cost-effectively as possible. This drive for efficiency has seen the industry shift towards automation that reduces human error and cuts costs. This change is particularly evident in mature plays such as the North Sea and the US onshore, where cost constraints are such that more and more must be done with fewer and fewer staff. Continue reading “Digital Transformation in Hydrocarbon Accounting”
In a recent survey we carried out, (download the report here), we asked professionals involved in Hydrocarbon Accounting (HCA) how confident they were in their data. Around 65% said that they were “not at all” or only “somewhat” confident in the data they were using as input to the hydrocarbon allocation process. This situation is problematic, given that allocation is all about determining the division of ownership of hydrocarbon products, and that mistakes can have a real and substantial financial impact. Inadequate systems and processes can make it difficult to manage routine issues like mismeasurements, and initially small problems can give rise to a cascade effect with consequences that are difficult to unravel. A failure of compliance is not the least of the potential problems.
Continue reading “The costs of unreliable data”