As an E&P professional, you know the oil and gas market is volatile, which means finding a fail-proof way of forecasting during market highs or lows is crucial to your company’s success.

In this blog, we’ll discuss two simple tips that if employed with fidelity, will eliminate wasted time spent on data manipulation and lower your overhead costs.

Tip #1: Stop Re-Inventing the Oil and Gas Market Wheel

Whether you’re looking at controllable variables or those that are ungovernable, you should never be reinventing data to run analyses—no matter how stable or volatile the oil and gas market is. You need to run scenarios quickly and accurately, which means you need to use data that already exists.

Modern software enables you to do just that, with built-in functionalities that build upon existing data without creating the risk of overriding previously reported information or interfering with data you’ll need for future analysis. With this capability, you can manipulate information so it can be representative of other ranges of data entry.

For example, the price for commodities is not always in your control, but it’s crucial that you’re able to understand your sensitivity to the price in order to understand a project’s rate of return. This understanding also puts you in a stronger position from an MPD perspective, no matter if the price is moving up or down.

Tip #2: Understand Your Variables

In addition to using data you already have to make educated forecasts for the future, you need to be able to easily manipulate your variables. This increases your transparency and oil forecasting capabilities.

For example, you know that price inherently affects drilling costs, field-operating costs, processing fees, etc…

While these variables can be out of your control, they can also be market-driven. Regardless, you need to be manipulating data on these numbers frequently and setting ranges to them while running analyses. This creates high-quality insight into what kinds of changes your business is experiencing, along with the source each outcome will have on your upcoming plans or your base production profiling.

Most importantly, you need to manipulate this data quickly to get information into your decision-makers’ hands in a timely manner.

Here’s the big picture: you need to get a fast look at your operations today as well as an oil forecast into the future. By understanding your variables through the right analysis tools, you gain the insight you need to make changes to your production environment and upcoming projects quickly and efficiently.

Next-Gen Software Gets More Work Done with Fewer Headaches

In order to implement these tips in a timely manner to drive profitability, your company must employ a modern software solution. While legacy programs do get the job done, outdated software can’t provide you with the high-quality forecasting you need in a timely manner in the oil and gas market.

When your boss is relying on you to run analyses quickly and effectively, trust MOSAIC. Our next-generation software is proven to help companies transition out of legacy software with ease and dependability.

Our customers love our software because:

• It enables them to get more work done, with fewer resources, time & energy.
• Our integration process eliminates downtime from change, making the transition easier than you can imagine.
• MOSAIC is a single economics platform, which supports multiple business requirements for any sized E&P company.

Discover for yourself if next-generation software is the right step for you and your team by visiting our Features page. We understand that switching software systems is a big decision for your company. If you find you need more information, let us know and we’d love to help you through the process.