Oil and gas technology provider TrigPoint Solutions has released new data analytics software RIGIQ to eliminate non-productive time (NPT) of an exploration well
According to TrigPoint Solutions, RIGIQ analyses well, operations and performance data to highlight trends and patterns in order to provide context for future actions.
Greg Slater, president of TrigPoint Solutions, said, “We have been able to statistically prove the correlation between work performance on rigs and NPT. By automating operational processes and managing compliance, the oil and gas exploration firms can reduce their NPT by an average of 40 per cent.”
NPT costs the industry billions of dollars a year, noted Slater. “For oil and gas companies, this can equate to a third of their drilling budgets,” he added.
In addition to real-time monitoring and forecasting, RIGIQ also acts as an optimisation tool. The software tells users precisely what specific operational changes are required to eliminate NPT, according to Slater.
“Data analytics is widespread in this industry, but RIGIQ addresses specific operational processes. Business intelligence is a key differentiator and essential for operating at maximum efficiency. By combining a powerful operations management platform and prescriptive analytics, rig operations become more efficient from day one,” added Slater.
TrigPoint Solutions’ integrated asset management, operations, and data analytics systems are used by onshore and offshore contractors at over 700 locations worldwide, noted the president.
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