Gain Petroleum Economic Efficiency and Results In the New Year
It’s the start of a New Year and you’ve got your list of resolutions, including managing your time better at work and making better decisions.
The problem? You’re stuck using legacy petroleum economics software that’s difficult to use and time-consuming to generate essential sensitivities.
While you’re eager to keep up with the oil and gas industry’s digital revolution, you’re not so eager to put your job on the line, so switching petroleum economics software solutions is out of the question. Or is it?
In this blog, I’ll guide you through a quick and easy three-step process for converting your economic data without compromising your credibility.
Step #1: Communicate Your Existing Processes and Goals
While you and your team have great procedures in place, it’s important that you’re able to explain those processes to a software company that’s passionate about understanding what you do, how you do it, and why. This passion will drive the company’s ability to properly and efficiently convert all your economic data and build workflows that capitalize on MOSAIC’s strengths.
For the best success, work with a company that not only has a deep understanding of the petroleum reserves process and data conversion but also boasts experience and specialization in the petroleum economics field.
Each E&P company is unique, so it’s critical that your software solution can be tailored to your specific needs. Be ready to answer questions like,
- What is your present data analysis workflow?
- What’s working well?
- What do you want to improve?
- What’s your next critical timeline?
A great software company will put a special emphasis on understanding your team’s goals and expectations as you migrate into the oil and gas industry’s digital revolution.
Step #2: Test a Sample Set of Data
Converting your entire database into a new software solution is intimidating! To minimize any risks, you need to submit a sample of your data and examine the results. Ensure the software you choose has a built-in validation tool and runs quality-assurance tests on your data.
Great software companies should employ proven methodologies that eliminate risks during conversion and should be able to explain any data differences when compared to your legacy system. Keep in mind: you should never settle for less than a 100% success rate and peace of mind.
Step #3: Validate All Data and Grow Your Business
Once you’re confident in the results of your sample data, it’s time to convert all of your databases and say a final goodbye to your petroleum economics legacy system before next year’s reserves season.
If you want to make the transition even easier, choose a company that converts the data for you. Once your team is up and running with the new economics tool, take advantage of the software company’s ongoing training and customer support services. You should never feel alone as you upgrade your software and provide your team with the tools and confidence they need to transform how your company makes decisions.
Start the New Year off right knowing you and your data are in good hands. Accelerate your team’s progress, lower overhead costs, and increase time to value by upgrading your Petroleum Economics software today. Ready to get started?
My team and I at MOSAIC have years of experience helping executives, petroleum engineers, and reserves managers embrace the next generation of software for corporate reserves and resources (PRMS), petroleum economics, budgeting, capital planning, and decline analysis.
Our software is built from the ground up as a single solution that supports multiple business requirements. It’s proven to outperform legacy systems in operational efficiency, risk reduction and the ability to collaborate and consolidate data with confidence.
Our team is ready to guide you through this simple, three-step process for converting your data so you can start optimizing productivity and improving workflows before it’s too late.