A new article from geoAMPS, published on Energy Global’s Oilfield Technology website, discusses how technological solutions are helping the oil industry maintain production despite dramatically lower prices for oil.
Titled “Technology is the answer for the oil industry,” the article was published July 28 by the editors of Oilfield Technology. Oilfield Technology is a product of Palladian Publications of Farnham, Surrey, United Kingdom. Palladian produces six magazines and accompanying websites. It has readers and customers in more than 150 countries across all five major continents.
The article, written by Yogesh Khandelwal, President and Chief Executive Officer of geoAMPS, and Dan Liggett, Communications and Public Relations Consultant, discusses the current state of a global oil industry attempting to deal with the impacts of lower prices.
Although there have been massive layoffs, company closures and mergers, the industry is still poised to produce more oil in 2015 than it did last year. Technology is a major reason.
Technological advancements are being introduced at each stage of oil production, from analyzing potential drilling sites, acquiring land rights to develop new sites, drilling and extraction, pipeline construction, project operation and maintenance, and standardizing organizational procedures. geoAMPS’ article discusses some of the advancements newly available and others in development.
Among those advancements is the Web-based software solutions developed at geoAMPS. Its solutions are designed to increase project and organizational efficiencies. Oil producers have found they are better positioned to manage operations cost-efficiently and capitalize on margins with better pricing into the future. They are able to proceed with exploration and development without significantly scaling down facilities or payroll.
The Web-based system allows the oil company to seize the efficiencies possible with mobile technology. Field agents input notes of a meeting with a landowner immediately, by typing or voice-to-text. They measure right-of-way with their device and upload photographs onsite. A wide range of tasks is now completed in the field. It’s no longer necessary to wait to return to the office before updating the project file. The company also gained detached capability in the field when connectivity is lost. Field agents continue to access and update project information in the database and the file is synced automatically once connectivity is restored.
A significant cost early in establishing an oil-drilling site is acquiring leases for land and mineral rights and managing drilling schedules. By utilizing geoAMPS, the oil company streamlines workflows. It more efficiently manages lease checks, recurring payments, nonpayment obligations, mineral title research, legal processes, environmental studies, depth severances and property ownership.
GIS mapping broadens the oil company’s use of its project information. With quick access to tract boundaries, the path of a new midstream project can be uploaded into the database. Issues related to construction, such as existing land use and utilities, are quickly identified in the GIS color-coded layers. Progress toward right-of-way acquisition or the necessity for rerouting the pipeline is detailed. The company found these advantages to be an efficient replacement to their many paper maps.
By implementing technological solutions offered by geoAMPS and other sources, the oil industry has been able to retain a high level of production, but at much lower costs. The results have been remarkable. Despite lower prices, global oil production is expected to exceed 2014 levels. The U.S. Energy Information Administration predicts production of global petroleum and other liquids will reach 95.46 million barrels per day in 2015, while production in 2014 was 93.27 million barrels per day. In the U.S., where hydraulic fracturing is increasingly used to extract oil from shale, production is expected to grow from 8.7 million barrels per day last year to 9.2 million barrels.
Learn more about geoAMPS solutions for energy and other industries by calling 614-389-4871. Or visit our website, www.geoamps.com. Inquire about seeing a free demonstration.