Optimizing Oil & Gas Field
Potential with Innovative Software

Oil and gas companies function in highly challenging, competitive, overly regulated, and demanding environments that make such processes as asset management, supply chain operations, and maintenance quite complicated. However, the advance in technologies has made things easier for the commodity traders too. Companies are now leveraging software technologies to improve productivity and reduce expenses.

Having these benefits in mind, our partner, an upstream oil and gas intelligence and energy consultancy, in cooperation with VOLO, worked on the development and release of an intuitive data analytics software tool, which helps oil and gas companies worldwide discover global oil and gas field data, predict reserves, boost developments, and analyze oil and gas portfolio performance.

The product development is still in process as our team works on improving and fine-tuning its features and functionalities to better fit the current market demands.

The Challenge

Our partner approached us with the need to help them modernize their existing legacy desktop application as well as build several new features and functionalities for the app from scratch. Their clients are global key decision makers in the oil and gas industry who want to leverage the benefits of high-quality software tools to minimize risk, make better commercial decisions, eliminate human error, and reduce their environmental impact.

Their existing software needed to be drastically revamped to meet the needs of those in the oil and gas industry. As a legacy system, it failed to meet the modern technology standards and used outdated technologies that were no longer supported by the current systems. This resulted in limitations and performance issues that slowed down the internal operations of the companies using the tool.

Moreover, it hindered the overall company productivity for our partner and led to major delays in business processes. Not to mention the inflexibility that an outdated software solution comes with, making the development and integration of new features and functionalities much more difficult.

As a legacy desktop application, the tool was also more susceptible to cyber attacks since it lacked robust security measures and could become threatening to sensitive data protection. Security is especially important for the commodities industry as this sector deals with an immense amount of sensitive data.

And lastly, in the oil and gas industry companies rely on multiple interconnected systems for data management, analytics, reporting, and collaboration. This is why our partner could not successfully implement a legacy system into its day-to-day operations, simply because the latter would not integrate well with modern systems, resulting in data silos and increased manual work.

With all these challenges on their doorstep, the energy consultancy firm decided to further modernize and digitize the company’s business processes, entrusting their software development to VOLO, thus marking the start of a new and fruitful collaboration.

The Solution

Our team took on the challenge of building a software solution that would help firms in the oil and gas industry streamline their operations through gathering and analyzing relevant business data and using the results to improve the overall commodities sector.

After almost a year of collaboration, our team was able to optimize the company’s software, turning it into an intuitive data analytics tool that helps oil and gas decision makers around the world discover and gather oil and gas field data, predict reserves, and analyze oil and gas portfolio performance quickly and accurately.

The tool has a unique analogue database of thousands of fields and production profiles. Additionally, it comes with in-built analysis, mapping, and plotting features which help decrease the time spent on handling data.

Overall, the updated software allows you to:

predict subsurface assets’ reserve potential,
analyze CO2 emitters potential volumes,
benchmark the best infrastructure types for carbon capture and storage projects,
get early, robust calibration on recovery and profile shapes,
integrate your prospects via GIS (geographic information system) map and user database,
benchmark field performance,
screen candidates for Enhanced Oil Recovery (EOR),
access the historical data of tens of thousands oil and gas fields all over the world,
create different types of plots, grids, histograms, and statistical tables for analyzing different data,
incorporate industry standard mathematical equations and formulas for analysis simplification,
upload your personal data into the system (if you are an end user) to use it in your own analysis,
visualize data on the world map,
rapidly identify underperforming reservoirs thus improving efficiencies when allocating resources,
improve clarity for commercial teams who make important financial decisions,
validate reserves bookings, data forecasts, and development plans against global analogues.

It should also be noted that our team carried out business discovery workshops for those features which were to be built from scratch. This helped us better understand our partner’s business goals and develop the new features accordingly.