How Technology Boosts Oil Well Performance & Sustainability
The global oil and gas industry has become quite volatile and competitive. From post-pandemic economic crises, inflation, and supply chain disturbances to different political ups and downs, several factors have dramatically transformed this sector in the last few years. Therefore, companies need to stay future-driven to stay lucrative in these tough times.Read more: How Technology Boosts Oil Well Performance & Sustainability
So what can oil and gas firms, well operators, and drilling contractors do to achieve a distinctive market position? Our drilling and well-monitoring software experts recommend you stay on top of the latest technological trends and tools in the O&G sector.
Adopting technology and digitalization is currently the most beneficial and cost-effective solution to improve your operations and overall profitability. Continue reading to learn about the four fantastic ways tech is changing performance and efficiency.
1. Advanced Drilling and Well Operating Techniques
The first thing every oil and gas firm must focus on is well operational efficiency. This industry is highly labor-intensive and requires low to high-tech-level expertise for end-to-end performance.
However, thanks to technology, companies can adopt newer, more advanced oil and gas extraction, purification, processing, and freight techniques. For example, horizontal drilling has become a popular alternative to traditional well drilling practices in the O&G sector. It involves horizontal resource extraction for improved well performance. It not only reduces drilling time and inefficiencies but also requires fewer wells for extraction.
Other advanced drilling practices that leading oil and gas firms are actively using to reduce their downtime and increase productivity are:
- Multilateral drilling
- Extended reach drilling
- Spark drilling
- Complex path drilling, etc.
In addition, hydraulic fracturing is another tech-driven drilling technique that has enabled companies to explore and access previously unreachable oil and gas reservoirs.
2. Accurate Well Performance Monitoring
Well performance is a major KPI for oil and gas companies. They cannot succeed without achieving high well performance and efficiency. That’s where well monitoring systems and drilling software tools come into play; these digital products have revolutionized baseline KPIs for drilling and well personnel.
For example, our RIMDrill is an advanced and cutting-edge software for drilling contractors, available in both standalone and cloud-hosted forms. It’s one of the most successful drilling information systems that allow contractors to collect, store, analyze, and leverage daily rig metrics and reports.
Our second advanced well performance measuring tool for oil and gas companies is called RIMBase. It’s our top-of-the-line full well lifecycle reporting software purpose-designed for well operators. These tools can be integrated to monitor and analyze oil, gas, geothermal, and carbon capture sequestration (CCS) upstream operations.
3. AI-Driven Corrective and Preventive Measures
Artificial intelligence and machine learning solutions are also improving well performance and drilling efficiency. These are being used to boost full well lifecycle periods, mitigate errors, streamline data, and create predictive reports.
The oil and gas industry heavily relies on future trends, predictions, and market dynamics. That’s why companies need to implement corrective strategies for effective decision-making. And artificial intelligence is proving quite versatile in rectifying bottom-line issues before they worsen.
AI and Machine Learning capabilities such as reservoir assessments, customized drill planning, and geology analyses are helping companies cut drilling costs and improve results. Moreover, different types of geological and seismic tools are allowing drilling contractors to locate the best spots for oil and gas extraction.
4. Streamlines Human Resources
As technology gains the front seat in the oil and gas sector, firms must detect and hire highly talented human resources for optimized performance. That’s why the demand for technologically sound well operators and drilling contractors is rising by the day.
You have to hire workers who can assess, predict, and suggest new O&G technologies while ensuring they are adept at running information system tools such as RIMBase for Well Operators and RIMDrill. However, you can also talk to our team about continuous improvement and support services. We’re available to help your team understand the ins and outs of our drilling information system. Our professionals can streamline the entire adoption process integration and installation to error mitigation and regular software inspection.
Using our RIMBase and RIMDrill software tools, you can optimize the available human resource by equipping them with daily drill reporting tools for improved operational performance.
Partner with Infostat Systems, Inc. to Fast-Track Your O&G Company’s Growth and Success
At Infostat Systems, Inc., our team strives to maximize procedures’ data performance, efficiency, and safety for well and rig operators. Our innovative solutions, such as RIMDrill are known for providing analytics, support features, and authenticated well and rig reports.
We also deliver end-to-end client and user support and have a holistic RIMDrill Support Program to ensure prompt query and complaint management for clients worldwide.
Call us now for more details.