Gartner predicts that data volume will grow 800% over the next 5 years and 80% of it will be unstructured data, like e-mail, PDFs, spreadsheets, and other documents. Gartner also reports the growing unstructured data problem is not a matter of storage, but intelligence. And nowhere is the data dilemma more apparent than the petroleum industry where wells produce vast amounts of unstructured data and documents.
Over time there have been many solutions for managing large volumes of unstructured well information, such as storing well files on network file folders or using specialized software that requires an army of consultants to implement before the value can be measured. And the fact is, most energy companies still have storerooms full of physical well files.
Well information is valuable to oil & gas companies in two ways. First, the measurement or collection of well data carries a high cost. Electronic well log data, which provides detailed information about the rock formation surrounding a wellbore, is one example. A company might spend several million dollars to acquire well logs and other geological data sets, but in many cases, this data is poorly organized and spread out across network drives and departmental systems, making the data hard to find when it is needed the most.
Secondly, well information is vital to every day decisions across the petroleum industry. Decisions that determine the expenditure of millions of dollars depend on having access to accurate data at the right time. For example, completing a well often depends on approvals from third party investors. Delays in this decision-making process can cost thousands of dollars each day as staff search for information to provide to partners, all while expensive drilling and completion rigs sit idle.
All too often, valuable information is poorly managed, leaving documents stranded on network drives, isolated in data silos, or even locked in physical filing cabinets.
The petroleum industry has struggled for decades to manage this flood of data but lacked a truly modern, secure and intelligent way to solve the problem. It’s even more crucial because operators are looking to optimize spending and business processes more than ever before, which is why Archeio Technologies was launched, to improve the way operators access relevant well data.
And what is the value of Archeio to the petroleum industry? Our intelligent well file solution provides measurable results, drives operational efficiency, ensures asset compliance, and optimizes data consumption. Learn how Parsley Energy (NYSE: PE) saves 60% of employee time hunting for well documents or how Arcadia Operating saves 75% of the time it used to take to prepare joint interest billings.