News | June 14, 2022

Time to Maximize the Value of Real-Time Drilling Analytics

In today’s hyper-competitive oil and gas environment, operators are continually being asked to do more with less and achieve results faster than ever before. To reduce costs and mitigate risks, operators need technologies that enhance drilling efficiency and optimize operations across all phases. As a result, digital transformation has become critical to achieve their goals beginning with the ability to analyze and gain insights from drilling data in real time.

Here’s how real-time data analytics can significantly improve the way operators manage their entire drilling process.

Go From Reactive to Proactive

Drilling accuracy is the name of the game, because missing the target zone by even a few feet can mean millions in lost revenue. By leveraging real-time drilling analytics, operators can monitor drilling progress and optimize operations to stay on track to productivity. Put simply, it allows them to go from reactive to proactive and avoid potential problems that may impede operations.

Avoid NPT and Invisible Lost Time

With real-time drilling analytics, you can monitor drilling operations to improve performance. You have the information needed to address drilling issues before they happen, saving thousands of dollars by avoiding non-productive time (NPT) and invisible lost time (ILT) which are both key to improving operational efficiency and safety.

Increase Output and Maximize Revenue

Operating costs play a huge role in your drilling operation’s success. With wells getting more complex, it becomes more difficult for companies to run profitable operations. Real-time drilling analytics provide an inside look into your processes, helping to identify ways to increase output, reduce costs, and maximize revenue. By identifying issues in their preliminary stages, you can quickly address the problem and reduce the potential of operations coming to a halt because of a breakdown. Instead of having a costly failure, only preventive maintenance and minor repairs are needed.

Make Better Decisions and Boost Productivity

Effective real-time decisions made during drilling are critical for delivering safe, reliable, and efficient wells. However, drilling processes are challenging to monitor from the surface, but with the right tools, you can reveal what’s happening inside your oil wells and troubleshoot problems before they cause significant productivity issues. The faster you can address concerns, the higher your productivity will be.

Improve Safety

Workers in the oil and gas industries face a range of safety challenges. Real-time analytics identifies and alerts operators of abnormal situations automatically, keeping employees out of harm’s way.

Bottom Line Benefits

In an industry where decisions are moving faster and the stakes are growing ever higher, oil and gas operators need to improve their analytics capabilities to successfully compete. Real-time drilling analytics has become a necessity for a range of important reasons. It helps deliver increased production by being in the most productive zone, lowers cost structures, and improves decision making throughout the entire process. All of which makes real-time drilling analytics a key driver for drilling a high-quality well on time and under budget.

Contact us to find out how you can implement real-time drilling analytics solutions into your drilling operations.

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