Many of the challenges facing the oil and gas sector are external; price uncertainty, environmental concerns, geopolitical unrest and an increasingly hostile regulatory climate. Companies need to deal with these challenges, but the drivers are often beyond their control.
Increasingly, organizations are focusing on what they can control—the efficiency and effectiveness of their operations, which in many cases means embracing new technology. A 2014 Booz, Allen, Hamilton study indicates “Oil and gas companies are using the latest ideas, such as mobility, cloud computing, and knowledge management, and wrapping them around their current processes to make everything work better.”
For every company in the oil and gas sector, the biggest imperative is Know the Well:
This information is maintained in multiple systems - location information is housed geographic information systems, identifiers are in ERP systems and contracts, agreements and royalty information in centralized document management systems. Engineering schematics are in engineering and design systems, maintenance history in maintenance systems and safety procedures in yet another location.
In addition to the disparate nature of enterprise information, the language and vocabulary is varied across departments, groups and teams. The diversity of location and language make it difficult to efficiently maintain and service the wells leaving the organization open to safety breaches or regulatory exposure.
One oil and gas company leveraged the power of Semaphore and semantics to increase operational efficiency and decrease regulatory exposure. By harmonizing business vocabularies across the enterprise and analyzing and describing all information assets consistently, they reduced the number of maintenance incidents caused by out of date or missing information, improved the ability to comply with regulatory requirements and leveraged complete information to ensure revenues, royalties and agreements are in place.
To learn how they did it download the case study.
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