The Progression of Oil Forecasting in the Digital Age

Omnira Software

As you know, oil forecasting doesn’t look the same as it did just a few years ago. When the world went through the digital transformation, many aspects of the E&P industry did the same. 

While legacy reserves and economic forecasting systems are often still used, unfortunately, they can no longer produce the quality results oil and gas companies need in the near and distant future.

Here’s why: 

  • Legacy systems are restraining and lack key forecasting functionality that is expected today
  • Users can’t respond to update requests without a lot of low-level data manipulation
  • Reports are time-intensive, which means companies can’t plan in a timely manner
  • Users throw away time and manpower on changing data and predictions

The Progression of Oil and Gas Forecasting

In this blog, we’ll discuss how oil and gas forecasting is progressing and give you tips for ensuring your company keeps pace with the industry.

Over the last 10-20 years, companies in the oil & gas industry tend to use the same few software packages. While these solutions still work, they aren’t capable of keeping up with current industry requirements. Antiquated user interfaces that lack modern functionality for technical evaluations, data management, and data aggregation at the well, project and company levels make software that often hinders, not helps.

Ensure Your Company’s Success in the Digital Age

So what does this rapidly changing environment mean for your company? It means you must be willing to change to survive. Keep these tips in mind as you explore the idea of investing in a next-gen Petroleum Resources Management System or PRMS:

  • Single-System Solution: The system you employ should be a true single system, not just a collection of disparate applications that all need to ‘talk’ with each other. A single system—one that provides you with a confident, single source of truth—ensures your team can fully manage your entire business with multiple requirements, including budgeting, capital management, and multiple scenarios and sensitivities.  A “single-system” is built from the ground up to ensure all your data is accessible and able to be utilized across various software applications throughout every department of your whole company. Beware of “integrated software suites” that promise to give you all the functionality you need but often lack the connectivity for seamless workflows and don’t provide the source of truth you need. Today’s requirements are much more around consolidation simplification, and cost reduction. 
  • Strong Integration Capabilities: Your next software provider should also have a proven methodology and proven processes for migrating your current data. Your software should provide you with flexible configuration operations so you can quickly adapt new software to your desired workflows and reporting needs. 
  • Simple Implementation: Don’t overcomplicate the process! A strong Petroleum Economics software solution should have a simple implementation process with a one-time set up that’s quick and doesn’t interfere with your business.
  • Excellent Customer Service: Often overlooked, a reliable and helpful customer service team is key to your success! When you purchase new software, you should gain a team of experts that truly understand your data and processes. Never settle for anything less than a customer service team that walks you hand-in-hand through the entire data conversion and migration process.  

Working together, these three requirements provide every department’s needs, which will ultimately obtain buy-in throughout your entire company.

Experience Better Results with Modern Software

Integrating into modern software is easier than most people think if you employ the right next-gen PRMS. See for yourself! Schedule a demo of MOSAIC’s powerful software solution!

When the time is right, our team would love to show you how you can outperform your legacy system in operational efficiency, risk reduction, and the ability to collaborate and consolidate data with confidence using MOSAIC. Our software is a single-system platform, capable of fully managing your PRMS, as well as budgeting, capital management, and multiple alternative scenarios and sensitivities—satisfying your whole company’s needs.

Request a MOSAIC demo