Given the current market environment, it goes without saying that improving free cash flow is an imperative across the oil & gas industry. Drastic times call for drastic cost cutting measures, but with capital discipline and operational efficiency already top of mind, how can producers drive down OpEx even lower? The answer to this question is closer than you think.
Data is the new oil in the digital oilfield. Your wells produce vast volumes of data, from lease and financial data to production and economics. And like oil, producers have large reserves of data, however, mining this reservoir for valuable insights remains a pervasive challenge for most oil & gas companies.
Costs Savings are Trapped in Data Silos
Right now, your team has all the data needed to increase free cash flow, yet information sprawl and data delays create a solid barrier to the insights your team needs now, impeding important questions like:
- What are my best and worst performing leases across all acreage?
- What are my actual expenses compared to budgeted and projected with latest pricing?
- What are the inbound expenses for each cost center, asset, lease and well?
- What are my rising costs that I need to accrue for, like plug and abandonment?
- What orphaned income and accruals can be moved on to the balance sheet?
To answer these questions, your team needs a holistic view across multiple datasets, however, like an untapped reservoir this information is locked up inside disparate systems. These data silos include your general ledger or ERP system, production databases, and economic forecasting software packages.
Manually extracting, moving, and analyzing all of this data is time and resource intensive. And your team needs answers today. To thrive in today’s tough and competitive energy market, you need agile technology that can tap directly into your reserves of data and produce insights into your financials, on demand.
A Free Flow of Data-Driven Financial Insights
The Origo financial reporting and analytics platform is a light weight and rapidly deployable suite of cloud-based software. Rather than moving your business data, Origo accesses accounting, reserves, and production data in place to provide instant insight into your financials and pinpoint cost savings opportunities with self-service reporting tools. If data is the new oil, then think of Origo like hydraulic fracturing where the value locked up inside data silos is released and a free flow of information unlocked.
Origo works in tandem with your existing ecosystem of oil & gas software. Leveraging out-of-the-box data integrations with leading accounting and commercial software systems, Origo brings data together for rapid reporting and analysis, providing unprecedented capabilities to unlock costs savings across the petroleum enterprise and increase free cash flow.