When oil prices are low it’s more important than ever that we optimize the way our wells are produced. How can we “double down” to ensure that our wells are produced efficiently at the lowest cost of operation? This article summarizes how you can do that now and for the long term.
If you have a well designed to produce 1000 barrels per day and it only produces 800 barrels, how do you determine why? More importantly, can you understand how to remedy the issue and gain the additional 200 barrels? And then, can further production gains be achieved?
Optimization is a goal for any number of industries, but in the oilfield, it means a lot of oil—and money—either gained or lost, depending on your well performance. Artificial lift is used in a large number of wells, and utilizing them in unconventional wells comes with complications which can challenge the performance of the lift system and the productivity of the well, not to mention ESP run life. Representing a large amount of financial investment and an even larger number of daily production barrels reliant upon artificial lift performance, artificial lift must be protected to prolong equipment life and ensure maximum production. With a variety of options to manage ESPs and gas lift, the question becomes: How quickly do you want to know what is going on so you can make prompt improvements?
Automation, digitalization, machine learning and analytics are seen as the panacea for our industry. But how do we accomplish this?
Here’s an interesting question …who’s leading the digital transformation of your company? Consider these possible answers for your organization:
- Your CEO
- Your CTO
- Your CIO