The past few months have been rough on the oil industry. The price for oil has plummeted, dropping to a level half of what it was last year. The result has been company bankruptcies, mergers, layoffs and cancelled projects.
Despite this dire news, the industry is still poised to produce more oil in 2015 than it did last year. Advancements in technology are a major reason. These advancements are being introduced at each stage of oil production, from analyzing drilling sites, to acquiring land rights to develop new wells, drilling and extraction, pipeline construction, project operation and maintenance, and standardizing organizational procedures.
Right of Way Magazine has published a new article from geoAMPS about how technology is assisting the oil industry. Titled “Harnessing Technology in a Volatile Market,” the article appears in the magazine’s September/October 2015 edition. It is written by Yogesh Khandelwal, President and Chief Executive Officer of geoAMPS, and Dan Liggett, Communications and Public Relations Consultant.
The article provides examples of how companies are utilizing technology to increase efficiencies and thereby lowering the cost of production. Advances in seismic technology are helping companies analyze the rock better to determine the best locations for new drill sites. New drilling techniques have reduced the time to drill a well by about one third. Companies are also utilizing technology to make well sites last longer and extract more oil from each well.
geoAMPS, a company that specializes in software solutions to manage land rights and infrastructure assets, offers software solutions to the industry that streamline organizational and project development processes.
A significant pain point within the oil industry is the lack of a centralized database of organizational and project information. In many instances, organizations undertake expensive energy-related projects with antiquated data-storage systems and administrative tools. Such processes can hamper staff and waste company money and resources.
geoAMPS’ web-based software helps companies achieve an enhanced level of operational control. This allows companies to capitalize on margins with better pricing into the future. It also provides the opportunity for significant cost-savings without scaling down facilities or projects and reducing payroll.
Learn more about geoAMPS’ software solutions for the oil industry by visiting www.geoamps.com or call 614-389-4871.