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  Most of the oil and gas companies are struggling hard with declined prices in the global market. This raises a question for cost recovery solutions at  a major level to help onshore processes yield the perfect outcome with reduced costs. Drilling costs are one of the major cost components which need to be focused on to attain cost optimization in rigs. This post will offer enough insights about some methodologies which can help companies to maintain a good balance in their production level with optimum use of their onshore assets. Comparative Drilling Optimization Drilling operations require a huge amount of time and money to be invested in them. There are some costs that depend on time hence, reducing the drilling time by increasing penetration rate. Using a comparative optimization method, the records of previously drilled well can be used effectively to figure out penetration rate and cost per foot for the wells to be drilled. Using numerical equations to model the p...

  Oil and Gas industry is undergoing major scaling processes in order to meet several challenges faced after the lockdown. As this volatile market is reviving and with the advent of renewable and sustainable energies, the competitive landscape has become much complex and critical than ever before. There is a need to re-evaluate all policies and procedures which were been followed until now and achieving excellence in operations through cost recovery strategies can be a foundational step to regain the momentum. Automated Governance Heading towards operational excellence requires three major areas to be focused on. The first one is automating the processes with effective technology which will enable you to evaluate work order completions and cross-department collaborations. Moreover, contract strategy service ,  mobility and real time access has also a crucial role to play in this as it allows to empower employe es and improve with customers interactions. Reduction in inven...