PETROTEKWed, 01/20/2016 - 12:47
The lack of integration of data management tools has created many headaches across the industry, as it does not provide easily accessible data for rapid and efficient decision-making. Acknowledging this barrier to success, iStore created a solution that creates business value by improving asset management and decision-making, which then translates into tangible net benefits for production, reserves, exploration, productivity, and operational safety. The company’s PetroTek technology helps E&P organizations jump-start their Digital Oilfield initiatives easily, as it is a solution that is fast to deploy and extremely adaptable to each business context. The main advantage to be gained from this technology is the ability to tap hidden potential of data assets through access-in-place integration and intuitive presentation.
iStore’s approach facilitates the speedy deployment and development of business-focused decision-support tools, including KPIs, production roll-ups, electronic well files, operations reports, and joint venture workspaces. It does so in six ways. With iStore’s development, companies can count on an increased ROI, as it operates with minimal IT overhead. This leads to lower implementation costs while creating additional value. Enhanced decision-making is also one of the outcomes because the technology provides a decision-support framework, merging strategic and operational decisions. By improving exploration and production asset management, reducing cycle time, and optimizing decision-making, it also improves NPV. The cycle time can also be reduced thanks to the facilitation of collaboration and knowledge sharing across the organization, and productivity can be increased, given the faster access to information. Finally, the technology allows firms to rapidly deliver enterprise intelligence.
As mentioned previously, the technology integrates data from across the petroleum enterprise and delivers information via a single website, allowing for the full spectrum of technical, financial, and operational data, from SCADA and facility data to documents and external data feeds to be combined for just-in-time analysis and decision support. This allows any user with access to the program to monitor, report, graph, extract, and map the information the company needs to reach the next level. This approach can be applied to many areas of a petroleum firm’s activities, from operational dashboards, to drilling operations and GIS, as well as joint-ventures and PPDM- driven data management solutions. With Round One and beyond, the fundamentals of providing easy access to information from various systems and improving the quality of data and data management remains unchanged, Barry Irani, istore’s CEO believes. The new challenges will be working with both internal and external partners, helping to collaborate both effectively and efficiently, and at the same time providing regulatory agencies with timely reports.