Return On Investment with Oliasoft WellDesign

June 02, 2020

Internet pioneer Marc Andreesen famously remarked that “software eats the world,” and that is certainly going to be true for the oil and gas industry.

Mckinsey & Company estimate that by fully digitizing and automating the oil and gas value chain, companies can improve their pre-tax cash flow by USD $10-$12/bbl.

Unfortunately, legacy software blocks the free flow of data with silos and makes real time operations virtually impossible; data lock-in is one of the main obstacles to automation and all the efficiencies that will follow from it. In particular, data from Drilling & Well software needs to be liberated for use in applications throughout the value chain.

Fortunately, your legacy Drilling & Well software can be replaced with Oliasoft WellDesign. The switch immediately gives you more precise calculations and higher level of accuracy. As a stand-alone product, WellDesign can save you significant amounts of money. With improved accuracy and superior calculations, your engineers can design better and more optimized wells. In some instances you can save one casing section - hence you can save the spread cost for the saved time for not running that casing section.

More importantly, Oliasoft Well Design prepares your business for digitization by liberating you from data lock-in. When you use our software, you own and control your own data. You never experience legacy silos that block you from using your data in other applications. That’s because Oliasoft WellDesign is modern software built on a modern technology stack that connects to other third-party software using Open Rest API. Such connections enable you to develop new use cases and share data in real time. Oliasoft WellDesign is already connected with FieldAP, Cognite CDF, and GeoligiQ, and can connect with Petrel via plug-in.

Skjermbilde 2020-07-07 kl. 16.05.17With Oliasoft WellDesign you can already design wells and connect them with your reservoir model to potentially enhance your recovery. How much value can you unlock from enhanced recovery?

More software applications and hardware integrations (such as drilling rigs) will be available in the years to come as API connections become more widespread and the oil and gas value chain becomes digital. Once you have a digital data stream with data that can move around freely and be available to any application that needs it at any time, then true automation will finally be possible.

Autonomous drilling is a dream for many oil companies. Realizing the dream will require that your data be able to flow freely and be available for other applications in the chain of processes. With WellDesign, Oliasoft is laying the foundation to make the dream a reality.

Read more on why data liberation is important in this article.

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