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the-risks-of-diy-digitalization-offshore

The risks of DIY digitalization offshore

By | FutureOn Today

More and more oil and gas companies are jumping on the digitalization bandwagon, but without a comprehensive and collaborative digital strategy, a piecemealed approach can be costly. To avoid falling behind, have a well-planned approach to your digitalization journey and avoid these pitfalls.

Siloed systems

Oil and gas companies are only as effective as their oldest legacy system. Companies can adopt the most advanced expert systems and efficient workflows, but if a legacy system still requires engineers and project manager to manually search for data, the entire process is slowed.

In fact, one internal audit conducted by an oil and gas company found its upstream employees spent up to 80 percent of their time merely searching for the data they need to drive decisions. FutureOn®’s FieldTwin™ addresses the problems oil and gas companies face in accessing data, converting data across expert systems, and then visualizing that data. Embedded as an interactive object within any web-based operational dashboard, FieldTwin™ allows user access globally via any device. User- and context-sensitive dashboards can be easily configured and can connect any aspect of the virtual field to workflows to speed and improve operational decision making.

FieldTwin™ can also plug into existing expert systems, so engineers don’t have to close out of FieldTwin™ to open flow simulation software. Instead, engineers simply open the flow simulation software or other engineering software in an iframe within FieldTwin™.

Data unused

Forrester Research estimates 60 to 73 percent of data enterprises have access to goes unused for business intelligence and analytics.

This unused data is mainly due to the data pouring in from robotics or Internet of Things sensors. Engineers cannot possibly manage the data without a sophisticated digital management software to handle the influx and make better sense of the data. Without a comprehensive platform, engineers and project managers are given the impossible task to scroll through large volumes of data to identify patterns and catch real-time problems. A digital management system such as FieldTwin™ is designed to identify discrepancies on the spot, enabling teams to make better business decisions and improve workflows quickly.

For more on how to avoid the risks of DIY digitalization, contact us today to discuss a well-planned digitalization approach.

Boom Bust

What’s FieldAP’s role in a market gripped by boom and bust?

By | FutureOn Today

What will the price of oil be in future years?

Today the price of WTI crude is $70 and is expected to remain there for a considerable time, but there is no crystal ball.

The one thing that seems to remain constant is growth in demand, with global energy consumption steadily increasing between one and two percent annually. To meet growing demand and support profit goals, how can digitalization keep energy companies competitive despite oil price fluctuation?

Smarter assets

Digitalization makes assets smarter. Smart assets store engineering, costing and configuration data instantly – and they don’t retire and take all asset knowledge with them. With the ability to work with data, companies can adjust well and field planning to accommodate fluctuating oil prices and make more profitable decisions and contingency plans. FutureOn’s cloud-based Field Activity Planner (FieldAP) is a digital offshore engineering software solution that offers a smart approach to asset management.

Future belongs to those who act fast

Industry futurists say in the new era of energy, companies must move quickly to stay competitive. Our FieldAP technology visualizes the field in 3D to allow offshore teams to make swift decisions. Visualization of assets exploits our natural human ability to process visual data faster and speeds up the decision-making process. Studies show humans respond to and process visual data better than any other type of data. In fact, the human brain processes images 60,000 times faster than it does text.

Collaborate and reduce costs

As oil prices swing, energy companies need to do their part to hold costs. To reach cost-control goals, leading offshore teams use highly intelligent technology such as FieldAP to give engineers access to instant data no matter where they sit in the world. Access to the same data allows for greater collaboration across the company and among partners, and enables teams to identify trends and manage cost-reducing efforts.

Renewable energy, too

It’s important to mention the role of renewables when you talk about the steady growth of energy consumption. Oil and gas will remain important for the next few decades. However, the world is turning to renewable energy sources to meet the growing demand, and FieldAP technology offers equal support to offshore renewable energy efforts, particularly wind farms from development to operations.

We are here to help you disrupt your own past and move you into the future. Contact us today, and connect with us on Facebook, LinkedIn, and Twitter to stay abreast of the fast-moving trend toward offshore field digitalization.

Engineer Tablet Offshore

Is the offshore industry honoring its past? Or being run by it?

By | FutureOn Today

Futurists believe technology is critical as the energy industry enters a new paradigm

Listen, we get it. Old habits die hard. But together, we can break them.

Frequently our offshore customers ask us to disrupt the old paradigm of poor well planning coordination and communication between oilfield planners and well drillers. For decades, field engineers and well drillers have been at odds during the well planning process due to lack of transparency and access to the same data. This old paradigm wastes time and money.

We understand, and we have a way to break unproductive habits and move well planning into the future.

At the ONS Conference in Norway, FutureOn and ProWellPlan announced a new partnership to help retire the oil and gas industry’s long-standing well coordination issues with digitalization. Combining ProWellPlan’s Early Phase Well Planner and FutureOn’s cloud-based Field Activity Planner (FieldAP) capabilities, global oil and gas operators can see the well instantly in 3D, which allows for greater collaboration between field engineers and well drillers.

This partnership between FutureOn, a leading oilfield software and data visualization company, and ProWellPlan, a software company automating well planning, can advance well planning into the future. But companies that don’t intend to become irrelevant or unattractive to partners must act fast.

Jim Carroll, a well-known business futurist, frequently speaks at industry conferences about the new era of energy. He says the next phase of the energy world involves massive connectivity and highly intelligent technology. Companies that don’t act fast to seize competitive advantages technology makes possible for legacy service companies and disruptors alike, and cling to old patterns, will soon be left behind as the rate of change has accelerated beyond what most leadership of energy companies have historically experienced.

Speaking of future-looking companies, FutureOn also announced a new multi-license agreement for its FieldAP software with Equinor, a Norwegian multinational energy company, formerly Statoil. FutureOn, together with Equinor, will pilot FieldAP to digitalize and integrate data from existing North Sea brownfields. The technology enables real-time engineering and cost analysis of potential tie-back opportunities. FutureOn’s easy-to-use 2D/3D data visualization platform provides a compelling user experience while integrating Equinor’s backend systems for enhanced decision making.

FutureOn offers companies a digitalized, real-time blueprint for well planning teams to reduce time and energy and advance companies into a prosperous future.

To move your company into the future that has already arrived for your peers and competitors, contact us today, and connect with us on Facebook, LinkedIn, and Twiter to stay abreast of rapidly developing offshore field digitalization.

Engineer Tablet_2

Do More With the Power of Digitalization

By | FutureOn Today

Digitalization of offshore assets can seem like a leap into the unknown. However, there are many companies making that leap who are beginning to recognizing how going digital can empower them to accomplish more.

Increasingly the excitement around digitalization is prevalent as we meet with operators and service companies. There is now an eagerness to learn how using smart cloud-based digital solutions such as FieldAP can address daily decision-making challenges.

Rising global demand for oil over the past four years has created tight work schedules and an excess of projects to complete. Tighter operating budgets, though, have meant companies are forced to rely on fewer employees in the immediate term to meet this growing work demand. While these existing teams represent the best of talent within the field, they are stretched thin. Previous levels of employment are untenable for most oil and gas companies today, which are intent on showing profits consistently in a favorable price environment, and can’t justify hiring a significant number of new workers. Yet, there is an incredible opportunity to be seized through increasing profits from more yearly project completions – enabled by smartly developing and operating assets digitally with the staff in place.

The smartest and most future-focused, long-term-profit-driven companies are exploring digitalization strategies with FutureOn to drive greater and better thinking from their engineering talent while meeting the business imperative of providing value to bring in revenues.

FieldAP, a cloud-based, real-time 3D visual representation of the subsea field, digitalizes the field planning process. FieldAP enables teams to see more about their assets from every vantage point and every point in time, and make better decisions.

What interests these asset teams most are FieldAP’s real-time 3D digital simulations and visualizations that allow engineers to explore more ideas, more rapidly, in collaboration with colleagues all around the world. Through the power of digitization, engineers can examine multiple possibilities in minutes rather than days, weeks or months required in years past.
Engineers using our 3D digital visualization software can design safe and economic projects in less time than ever before.

Operators’ management teams see the opportunity to make more productive use of their in-house talent as well as to get far more value from their contractors working in FieldAP on their projects.

Contractors savvy enough not to feel threatened by digitization are deploying FieldAP to upstage would-be competitors with faster delivery of more detailed concepts, including design options to give their customers choices they typically would not see at each stage of a project.

And FieldAP is just the beginning for operators and contractors. To further optimize assets, FutureOn’s FieldTwin is a dynamic digital twin that provides real-time information about the status of equipment thanks to sensors connected to the equipment in the field. Over time, the system can identify unacceptable trends in equipment functionality or changes in production rates, taking the guesswork out of maintenance and operations. Simply put, companies throughout the supply chain see the competitive advantages digitization can bring to their unique position in the market, and they are acting proactively to change the game on their peer companies – many of whom will be hard-pressed to play catch-up later.

Ready to see how digitization will help you do more with the talent you have and preempt your competitors? Contact us today for a demo.

Big Data

Tips Using Our FieldAP Technology. Put Big Data to Work for You

By | FutureOn Today

The oil and gas industry is no stranger to big data.

However, with larger volumes of oilfield data amassing daily amid intensifying pressure for higher environmental and safety performance, oil and gas companies are turning to digitalization not just for making better sense of the data but to shake business and operations up.

In fact, Norway’s Equinor sees digitalization as a critical element to boosting revenue by $2 billion, reducing offshore drilling costs by 5%, lowering future investment by 30%, improving safety, and reducing the carbon footprint of its operations, according to a June Hart Energy article Energy Companies Give Meaning to Digital Hype.

To parlay digitalization into even bigger returns, Equinor, among other companies, is tapping FutureOn’s oil and gas digitalization expertise to make and see more of the data. At the ONS Conference in Norway, we recently announced a multi-license agreement with Equinor to employ our 100% cloud-based, offshore engineering software FieldAP to gain further experience and test out digital integration with relevant systems in Equinor. This extended agreement on testing out the software follows a successful pilot test carried out last year. FieldAP allows instant data access – no matter where you sit in the world – visualization of the assets in 2D/3D and real-time cost analysis.

But what can companies do with all this digitized and visualized data? How do you let the data work for you?

Make more profitable decisions
Compared to traditional project planning methods, our cloud-based technologies bring real-time data into plain sight through easy-to-use 2D/3D visualization; it’s the next-generation of project planning. With the added benefit to see real-time cost analysis, companies can make forward-thinking, meaningful and prompt decisions. In fact, the digital transformation in the oil and gas sector could unlock $1.6 trillion of value for the industry, according to a 2017 World Economic Forum whitepaper.

Fast-track innovation
Traditionally, disciplines across oil and gas companies work in institutional silos using aggregated data from several different systems. Applying a centralized digital and visual environment deepens collaboration of engineers and project managers, as they work from the same data pool in real-time, offering operational transparency, innovative solutions to issues, engineering workflow improvements and better safety performance.

Open up new revenue opportunities
Data-driven learning across all disciplines of oil and gas companies not only provides better decision making but also can create new business opportunities. In fact, Shell plans to roll out a service in some parts of the world that allows cars to be refueled as they sit in parking lots. Digitalization played a key role in this business opportunity because they could see new ways of delivering gasoline to consumers, according to a recent Hart Energy article Energy Companies Give Meaning to Digital Hype.

Data is at the heart of the digital transformation, so let us put it to work for you. Contact us today, and let’s get your future on.

right-key-2

Going Digital: Are You Bold Enough to be the Barrier – Buster Your Company Needs You to Be?

By | FutureOn Today

Executing an oil and gas project on schedule and budget requires a solid foundation of planning. This is no secret.

But for too long, project teams have labored in less than ideal conditions. They’ve long been handicapped by the lack of readily accessible information. Certain documents exist solely – or mostly – on paper, which can further be complicated as new versions of documents are created.

Access to other materials might be restricted by the company.

In fact, Forrester Research has estimated that somewhere between 60% and 73% of data that an enterprise has is not available to the right people for use in making decisions because that data exists in documents, spreadsheets and various backend systems.

As much as collaboration is a goal, navigating information-sharing environments can be difficult and impede the planning cycle. Delays become inevitable. And worse, a persistent norm within the culture that undermines management’s attempts to improve productivity and drive cost efficiency.

It’s been said that project teams may spend as much as two-thirds of their time gathering data and information from a huge number of sources and the scant remainder of their work time acting on the data and planning.

However, a team creating a project plan could significantly accelerate their planning time simply by relying on a single digitized platform in the cloud. A digital platform creates an environment that helps streamline the work, re-work and approvals process.

The upside of using a single digitized platform is more than saving time by making sure the right people have access to the right information when they need it. It means better decisions can be made because team members will have access to the most current analysis and data.

And once the project planning is complete, the information can be updated as maintenance and upgrades occur. The entire digital library of documents for a project can be referred to as the digital twin. Real-time data from Internet of Things-capable sensors can feed into the digital twin to guide decision-making as needed.

Digitization is here. It’s not a concept. But some companies are reluctant to embrace the technology. Of course, some of that is the human’s knee-jerk aversion to change, but there are some potential perceived barriers to success with digitization.

A lack of standards in sensor data reporting can make it difficult to share information across the ecosystem, but such standards are being developed.
Another potential barrier to a company embracing digitization is concern about security breaches in the cloud. However, information stored in the cloud is fundamentally more secure. According to David Linthicum, the chief cloud strategy officer at Deloitte Consulting, there are far fewer attacks on cloud environments than those aimed at on-premises environments.

By opening up to digitization, companies would be able to make decisions based on real-time 3D visualizations of projects. They’d be able to prevent scheduling problems because issues would be more apparent with all the information available in one central repository.

The availability of information would nurture the ability to collaborate across the board, boost knowledge sharing, and improve the quality of communications. The ultimate results for the user are cost savings, reduced time to market, improved operability, and tighter risk management.

Some companies – and woke individuals within – will rightly see the opportunity of early adoption of digital workflows and the risk of being slow to challenge perceived barriers. The less brave will answer for their hesitation – to management, their boards and most certainly to the investors that abandon them for the forward-thinking peer companies whose choice to digitize and train their workforces raised the bar for performance forever.

Ready to get real about breaking down perceived barriers and move your company into the future? Contact us today, and let us help you get your future on.

McDermott

How FieldAP took McDermott to its Crowning Glory

By | FutureOn Today

Long before offshore asset managers – and the contractors who support them – begin to manage pressure in the well, they must first confront the pressures they face in the office.

Oil price volatility. Uncertain commitment to offshore investment. Ever- escalating pressure to lower costs – with the expectation to simultaneously raise production.

On the downhill receiving-end of this cost-containment pressure are contractors, starting from the moment the bidding process begins.

Historically, operators funded pre-FEED (front end engineering design) and concept work since there were many more new fields and a limited number of suppliers.

Today, however, operators expect offshore engineering companies to provide more extensive 3D subsea modeling concepts and images at no charge to the operator before they will award a project.

This new beauty contest requires bidders to showcase their engineering skills. Any misstep on the runway greatly reduces the chances of winning the project.

Beyond simply recognizing this current reality, McDermott, a Houston-based provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide, decided to seize the opportunity to gain first-mover advantage over its competitors by embracing oilfield digitalization to control its own increasing cost burden while out-engineering competitive bidders.
But first, the forward-thinkers of McDermott would have to scale a major hurdle in their effort to digitize: well-entrenched legacy systems that proliferate and store mounds of redundant and obsolete offshore oilfield data.
Further, the inability to properly analyze McDermott’s existing data not only prohibited efficient internal work performance, but also pre-FEED product output delivered to customers. As a result, the company struggled to take home the crown in the steady stream of pageants initiated by E&P companies with offshore interests.
And then, the McDermott team discovered FutureOn and its offshore digital solution, FieldAP.

And with that discovery, the company’s future sales pipeline could be seen in a whole new, bright light.

With FutureOn’s partnership to help make FieldAP McDermott’s own game-changing advancement, the software was customized to include McDermott’s various unique assets and vessels. Specific functionality was added to help them develop new field concepts that would make the company a more competitive bidder.

Now, McDermott is able to generate many more field concepts in a much shorter time, eliminate weaker options quickly, and declare with confidence that the options being presented to the client are accurate —without the need to spend significant up-front expense on outsourced engineering firms.

But more important to the McDermott brand and its future prospects — with its newfound ability to see more possibilities and risks during the pre-FEED process and make more and better use of talent and investment — FieldAP has enabled McDermott to leap ahead of competitors who remain in neutral, all the while bemoaning the slow, old, traditional ways they continue to do business.

Beyond the bidding cycle, forward-thinking McDermott also recognizes the offshore industry is rapidly moving to unmanned platforms. Deploying FieldAP to create a digital field in the cloud allows McDermott to form a base data model (much like survey or bathymetry data) that will be used in field simulation studies, automation planning strategies and remote maintenance optimization.

And, in case you’re wondering, our friends at McDermott did indeed leverage FieldAP capabilities to beat out all the other contestants and be crowned the winning bidder, with roses in hand and a FieldAP ace up its sleeve, ready to take the future on. 

Ready to challenge your own organization to see more about its past-based limitations and make more of what the future holds?

Talk to us today about how FieldAP and FutureOn developers can place you far ahead of all those offshore field planning wannabes still talking about “what’s coming.”