Oil and gas company Neptune Energy has reached an agreement with oilfield services and technology company Halliburton, for the used of Halliburton's DecisionSpace 365 well construction suite of cloud applications, that could save the oil company $20 million a year, by reducing well planning time, and automate engineering calculations.
Neptune Energy said the move would consolidate all global drilling and wells activities, improve efficiency, and reduce non-productive time, leading to potential annual savings of more than $20 million.
The three-year agreement – part of Neptune’s digital subsurface program – will create a platform for Neptune’s digital well program. It aims to reduce the duration for planning wells from weeks to days, automate engineering calculations and consolidate data currently held across multiple global locations into one.
"Moving to a cloud-based solution will enable Neptune to incorporate artificial intelligence, machine learning, and data analytics to solve upstream challenges and support the company’s overall digital transformation," Neptune Energy said.
Further, Neptune Energy said that Halliburton's DecisionSpace 365 cloud applications will enable Neptune to build “digital twins” of its wells to not only plan and track their progress throughout their lifecycle but to model opportunities to optimize performance and predict potential problems before they occur.
The suite is also expected to bring benefits to optimizing inventories of Neptune’s plant, people, and production resources.
Neptune’s Global Head of Drilling & Wells, Brett McIntyre, said: “The industry faces unprecedented challenges at this time and new digital technologies are enabling E&P companies to be more efficient, maximize the value of their activities, reduce costs and support employees.
"We see significant opportunities to enhance the safety and productivity of our global drilling and wells activities, reducing non-productive time and supporting our global teams’ ability to work together to share knowledge and best practice.
"By consolidating data from Neptune’s four enterprise data management (EDM) environments into one system in the cloud, Neptune’s drilling and wells teams can access all well data from any location, at any time; collaborate and share resources; ensure consistent approaches across the business and reduce costs associated with using multiple software platforms."
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