Impact of Production Data in Decision Making, Past, Present and Future: Examples and Case Studies

Abstract

The growing increase in the cost of business operations alongside current cash constraint has driven most decision makers to critically explore data acquisition from a value-driven standpoint. This study focused on leveraging insights from previous data acquisition learnings in Asset X-Y-Z and use the learnings as a yardstick to drive future business decisions and investment opportunities in the asset. The strategy employed in this study were to identify high value and low-cost impactful data that could influence asset profitability, leverage results from historical data acquisition impact to drive learnings for future business decisions and investment opportunities, and ultimately provide bespoke solutions to surpass prevailing data acquisition challenges and unlock future volume potentials in Asset X-Y-Z. A structured cross functional approach was adopted to mine data across several multifunctional teams, quality checked, and associated value analyzed. The result showed that Asset X-Y-Z had gained significant value from historical multiple data-driven decisions that has helped influenced better facilities optimization, successful reservoir management and project execution. Study results show a higher future potential to be recovered in the long term from future data dependent opportunities.