New software technologies are working to enhance every type of industry. The oil and gas industry is no exception with the latest software programs working with existing hardware and equipment to increase exploration, drilling, production and completion. The various software programs continue to transform the industry as a whole.
Using oilfield production software in conjunction with data analysis techniques and advanced hardware, oil companies are able to explore better and faster. Companies can analyze new fields for potential and use the features of the software to calculate estimates on profit, oilfield size and drilling locations.
Information technology departments work with the drilling team to determine the best spot to drill. The software provides reports on the drilling done to date. The once manual process is now streamlined for efficient and faster reporting. The software can help the team maximize the recovery of hydrocarbon and make safer, yet profitable drilling decisions.
Oil companies are constantly looking for ways to increase production, make more profits and decrease the money spent on those endeavors. The software helps companies manage their production with more accurate readings, detailed reports and data analysis. Cloud computing and wireless technologies enable managers to keep track of the fields from remote locations naturally increasing the safety of the employees. Fewer people manning the rigs can lead to fewer accidents.
Companies can purchase the software outright or use a service to pay on a monthly, quarterly or annual basis. The cost of owning the software versus leasing it comes with different benefits. Not having to pay the premium constantly is a benefit for owning. Many of the SaaS or service software options also include free upgrades, so the company always uses the most recent version. The constant demand for new digital technologies means the industry is going to continue to transform with each passing year.