Cloud-based Asset & Inventory Tracking for Oil & Gas Operations

Maintaining an efficient inventory management system for oil and gas operations is imperative for organizations to have a holistic view of their resources and tool mobilisation capabilities.Companies engaged in field operations need to track equipment that’s in use and monitor stock levels to identify requirements for replacements, servicing or purchases needed for their job pipeline. Monitoring the costs of mobilised equipment, damages and services for a project is crucial to meet financial targets.

The OASIS Solution

Innova’s integration with Merge Solutions, LP’s OASIS software eliminates any need for manually duplicating data entry of BHAs, daily costs, performance information or tool usage data by syncing these data points between the two platforms into a fully-integrated ecosystem. This automated synchronization reduces the likelihood of human error and hence the highest degree of data accuracy is guaranteed.

Companies who use both Well Seeker X and Oasis systems can review the analytics of their business processes from quote to cash receipt with confidence and know their decisions are based on reliable data.

Tools on the Cloud

A cloud-based environment for tracking inventories allows real-time visibility of the entirety of a company’s tools and their components. Fully synchronized data provides users with live updates on their kit, empowering decision-makers to make informed choices in line with available company resources.

Seamless accessibility of information for all users company-wide negates the need for manual communications between jobsite and office. This ensures that operations are optimized by deploying the tools that are the best fit for their purpose.

Construction Capabilities

Innova’s OASIS integration automatically updates tool history and maintenance records according to BHA performance and tool utilization information collected down to the level of individual components. This granular data enables organizations to proactively service, repair or replace BHA components in accordance to specific usage thresholds.Every tool in an organization’s workshop is serialized with components to  corresponding primary build schematics. This gives a view of components’ availability that are necessary for tool construction and tools that are readily available for jobs.

Sum of the Parts

A constant monitoring on the mileage of tools which have components that are prone to wear or will soon need servicing allows for a comprehensive assessment of available company resources.

Choosing components that are least likely to need servicing or replacement during a project’s lifecycle minimizes downtime associated with tool maintenance or rebuilds. Such insight empowers decision-makers to prevent bottlenecks or operational hiccups, whilst mitigating the risk of breakdowns to ensure the safety of projects on which they are deployed.

On this merit, organizations can future-proof their operations by proactively making adjustments to tool selections for jobs or component selections for tool construction. This enables a constant, holistic view of their project capabilities.

Cost Control

Stringent and detailed inventory records enable companies to implement cost-effective strategies. A comprehensive understanding of tool requirements with effective maintenance schedules allows informed decision-making regarding where and when to deploy tools and which projects are viable to meet financial targets.

Innova’s OASIS integration goes a step further by allowing operators to track any costs associated with ongoing projects. For example: oil & gas operators can track the cost of services employed for a project’s development and the areas critical to meeting ROI targets, with correlation between operational overheads and production returns.

Cost control is facilitated by inputting costs directly to a daily report that compiles the overall daily cost of operations. By identifying areas that require budget revision, it becomes possible to streamline operations and maximize profits. With this knowledge, businesses can identify areas to improve competitive advantage, maintain financial stability and ultimately succeed revenue and profitability targets.

Further Information

Innova’s integration with Merge Solutions’ OASIS technology allows companies to optimize their operations by way of maintaining accurate oversight on the entirety of their tool inventories and project costs.

You can find further information about OASIS technology on the Merge Solutions LP website.