Business

Is The Oil Industry Adapting To Efficiency Quick Enough?

At the moment, we are currently seeing oil price plummets at a scale that we have rarely seen before. As such, those in the business of finding and working in oilfields are looking for ways to brace for the record low profits expected. Aside from price changes, one of the best ways to ensure this is to lower costs by making work more efficient. But what the oil industry do to ensure this?

Better tracking of workers

One of the unique risks of working in oilfields is that it’s easy for crews to become lost in them. Oil fields are very large areas, often worked on by people who are unfamiliar with the land around them. As such, there are oilfield navigation tools like AWTY Compass that can make sure teams can find their way through sites that even work offline, so long as there is access to a satellite where the oil field is situated.

The importance of site preparation

Environmental impact studies are getting a lot more attention as of late for a variety of reasons. First of all, the highly-regulated nature of oil field regulations means that they are a necessary step for any project. However, they are also essential for responsible and efficient drilling. As such, care must be taken throughout oilfield site preparation to make sure there is clear and reliable road access, an organized approach to clearing any vegetation at the site, and effective construction pads to allow for temporary drilling sites. Make sure your team is spending the right amount of time on-site preparation.

Data is at the heart

As with every industry, the ability of a business to compile and sort through high-value data will improve its ability to make more informed decisions a lot more quickly. One way this applies to oil field operators is with PetroBase Explorer. This software allows team managers to visualize production on maps, track areas of interest, and analyze each site based on historical production to find the most profitable opportunities. As such, oil field operators can find where their work might see the most reward ahead of starting projects.

Keep digitizing more of your work

The most effective way to contain costs internally, without having to offer anything new to your customers, is to increase the operational efficiency of the team. Not only can this be done to lower prices, but it can allow you to be in a better position to survive future downturns, as well. Look at ways to continue turning manual work into digital labor, whether it’s transitioning to a paper-free business, automating workloads, or improving data management in the business. Going digital continues to be the future for businesses in the oil industry.

For effective oil field operations, it’s not just important that goals are met, but that they are met as efficiently as possible. The above examples could help the oil industry respond in a way that mitigates the damage of the falling value of oil, but it’s essential that it’s done in time.

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