All oil and gas companies, regardless of size, need to gather and analyze their data in the most effective and efficient way, to be able to make the most informed decisions.
Many producers start off using Excel spreadsheets for data gathering and analysis. As these organizations grow, and the volume of data, as well as the number of users of these spreadsheets increase, this method becomes insecure and unsustainable. It is especially problematic for producers when it comes to reserves management.
Because of this potential issue, it is best for small companies to use commercial software early on. While we understand that different companies have different needs, small companies must keep growth potential in mind and consider early adoption. Establishing best practices early on in a company’s growth stage allows them to work in an efficient and agile way, as opposed to waiting to transition to a new solution when it becomes more difficult and disruptive to their day-to-day operations.
For example, using Excel to manage reserves can lead to many potential issues when it comes to versioning, security, and the verification of data. It also limits the ability to generate compliant reports. Given current market conditions, many lenders and investors are even more concerned about a company’s ability to provide repeatable, auditable, and verifiable reserves numbers. This may prove difficult to provide and defend without a strong reserves management system and rigorous reserves analysis, capture, management, and reporting processes and practices.
Because of this, aclaro softworks inc. released petroLook Reserves, a pre-configured version of petroLook Enterprise Reserves, the industry-leading reserves platform. This platform allows small companies to easily implement a platform created specifically for the industry and be compliant. aclaro also has a competitive cost structure, so companies of any size can use our petroLook suite.
Are you a small oil and gas producer interested in how petroLook Reserves can help your operations? Contact us today.