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Strategy firm Clareo and the Kellogg Innovation Network (KIN) reported on the E&P industry and its growing desire to create new digital solutions to increase production and reduce costs. Their paper, “The Oil & Gas Industry’s New Normal: Rethinking Innovation Priorities in the Age of Low Prices,” encourages the fast growth of innovation, commenting that digital solutions are one of the largest opportunities for the industry.
Sure, Goliath can pour all their money into Silicon Valley. But not everyone is a Goliath, and not everyone can turn to developers to create customized digital strategies. What’s the little guy supposed to do to stay not only in the black but still embrace digital solutions?
Companies can start with the basics: safety and management. Compared to re-designing your entire drilling system, implementing a new way to report incidents and manage projects is minimally invasive while still resulting in increased efficiency and savings. Goliath is utilizing data services, so why can’t you?
The beauty of Wellsite Report (besides its intuitive mobile app, easy-to-use incident management, and customizable forms) is its scalability. You pay based on users and the features you need. No fluff, just efficiency. Starting with a digital safety management program that puts the data into your hands and gives you simple ways to supervise incidents – oversee an entire project from beginning to end.
First, the good news. Since the height of the pandemic in 2020, exploration and production companies (E&Ps) have reduced their net debt from a high of $316.74 billion to $178.66 billion at the end of 2022. According to CreditSights senior analyst Charles Johnston, most independent E&Ps refinanced and now pay less than the double-digit interest […]
Although oil and gas producers are trying to get more out of existing wells than from drilling new ones, 2023 is on pace to be a record year for domestic oil and gas production. In this period of reduced exploration but peak output, wireline service companies and fracking service companies could greatly benefit from using […]
Oil exploration is expensive, and not without its risks, but it can be quite lucrative for a production company when a substantial reserve is identified. However, many oil fields are in remote, hard-to-reach locations. Before upstream activities like drilling and extraction can take place, a service company is contracted to construct one or more roads […]
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