Whether hot and dusty, freezing cold or perched over saltwater, a constant geolocationally-agnostic task at hand is that stack of paper tickets and invoices that proliferates across the desk of the ‘company man.’ With years spent in college and various training courses to responsibly manage the safe construction of productive wells, paperwork can feel a Sisyphean side chore — with two to three hours a day spent stamping tickets. In 2020, this waste of time — not to mention resources — is beyond undesirable and no longer necessary.
If data is bad, the conclusions drawn from that data will always be bad. This is true regardless of industry or application. Poor data quality from the field has long plagued oil and gas operators, making decision-making around lease operating expenses (LOE) slow and imprecise, in turn, continually yielding subpar conclusions and adding complexity to timely decision making.
Forty-eight percent of CEOs don’t trust blockchain technology.
Drilling contractors often face an uphill battle when it comes to getting paid based on their daily drilling activities and reimbursable expenses. The average service delivery-to-payment process currently runs 60 days or more, leaving drilling contractors with elongated days sales outstanding (DSO).
With anything blockchain, there’s a hedging for adoption and the oil & gas industry is no different. Companies often skirt the first position and instead search for safety in numbers when it comes to taking up innovative technologies. Like a school of fish in need of camouflage, straying ahead to lead the charge comes with risk and, worst case, failure. But it can also yield great reward.
Industry has long been easily excited about concepts from virtual and augmented reality (VR/AR) to autonomous vehicles, wearable technology to chatbots and drones, the list goes on. After innovations emerge, the pattern after much debut hype, is to go underground into pilot programs until the market achieves tangible validation.
The American oil market crashed below $0 a barrel this week; an unprecedented historical low.The “stage set for a ‘most uncertain’ future,” was already indicated by early earnings . With a precipitous 60% price drop since January , flatlining this week and even dipping into negatives , oil & gas companies across the board are cutting budgets , hunkering down and halting operations.