- Oil & Gas Use Case
Wellhead & Asset Management
How Profisee helps oil & gas companies streamline wellhead lifecycle management and comply with complex regulatory/tax requirements.
Managing the lifecycle of oil & gas wells is a complex task that spans multiple functions and systems: exploratory activities, production management, reservoir planning, environmental monitoring, compliance reporting, financial management and more. Profisee MDM ensures accurate, consistent wellhead & related asset data across all functions and systems, enabling oil & gas companies to improve operational efficiency.
Data Domains
Wellhead, Asset, Location, Employee
Business Problem
Disparate wellhead & asset data increases costs
Teams Impacted
Operations, Finance, Regulatory Compliance
MDM Impact
Unified wellhead data for compliance and efficiency
Business Problem
Data Strategy
Outcomes Business Problem
Disparate wellhead & asset data increases costs
- Excessive Compliance Costs: Ensuring correct compliance reporting and avoiding fines and penalties requires massive manual field and back-office verification efforts.
- Delayed & Repetitive Maintenance: Scheduled maintenance functions require repetitive operations due to inaccurate data on site-specific asset installations.
- Manual Tax & Royalty Verifications: Countless hours spent to verify production and cost by site to correctly pay taxes and royalties.
- Unnecessary MRO Spend: Parts and assets acquired unnecessarily when existing inventory is overlooked.
- Inaccurate Lift Cost & Total Production Cost (TPC): Without accurate TPC, profitable wells are shut in while wells with negative returns continue producing.
Data Strategy
How MDM streamlines well lifecycle management
- Data Consolidation: Integrates and harmonizes wellhead data from multiple systems into a single source of truth.
- Standardized Attributes: Establishes consistent standards for key wellhead attributes such as locations, production rates, and tax jurisdictions.
- Regulatory Alignment: Links wellhead data with jurisdiction-specific compliance requirements for accurate reporting.
- Seamless Integration: Publishes clean, trusted master data into systems like SAP to enhance operational workflows.
- Real-time Updates: Ensures accurate and up-to-date well lifecycle data for decision-making and compliance needs.
Outcomes
Simplified compliance & optimized operations
- Improved Compliance: Accurate data ensures seamless regulatory reporting and adherence to requirements.
- Reduced Tax Liabilities: Optimized jurisdictional data enables strategic minimization of tax burdens.
- Enhanced Lifecycle Management: Streamlined wellhead tracking improves resource allocation and operational planning.
- Operational Transparency: Unified data increases visibility into wellhead operations across the organization.
- Cost Savings: Avoiding errors and inefficiencies results in significant savings throughout the well lifecycle.
