PRESS RELEASE: Oildex Announces OpenTicket

Oildex, the leader in financial automation solutions for the oil & gas industry, today announced OpenTicket, the next generation of the company’s digital field ticket solution. OpenTicket is the industry’s only comprehensive, end-to-end cloud-based platform that provides both operators and service providers with all the software they need to generate, review and approve digital field tickets. New capabilities of OpenTicket include a dedicated mobile application that supports both online and offline generation of digital field tickets, support for Drilling & Completions (D&C) and Lease Operating Expense (LOE) organizations, and processing optimizations that speed payments, improving operator/supplier relationships.

“Highly inefficient paper field tickets are the last obstacle to overcome when it comes to automating and digitizing the oilfield,” said Craig Charlton, CEO of Oildex. “OpenTicket solves this problem and allows service providers to quickly and easily submit field tickets while allowing operators to quickly and easily approve those field tickets. Coupled with our OpenInvoice platform and recently announced Supply Chain Finance program, we are creating the most efficient source-to-settle ecosystem in the oil & gas industry.”

New Capabilities in OpenTicket

  • Complete solution for both operators and service providers: Through online portals for both operators and suppliers, OpenInvoice integration, a cloud-based collaborative workflow engine, integration APIs and a dedicated mobile application, OpenTicket is a complete solution for both service providers generating and submitting field tickets, as well as operators adjudicating and approving field tickets.

  • Offline mobile support for service providers: A native iOS and Android mobile app allows for the creation of digital field tickets as work is completed with Store and Forward functionality, so it works even when service providers are offline. The application features a user interface designed with the needs of service providers working in the field in mind.

  • Support for Drilling & Completions (D&C): New OpenTicket D&C functionality including rentals support, as well as integration with industry-leading morning reporting systems to provide accurate up-to-the-minute cost information from field tickets submitted via the mobile app.

  • “Virtual Company Man” capability: For Lease Operating Expense (LOE) production operations field supervisors, OpenTicket provides a ‘virtual company man’ capability whereby service provider personnel become members of a virtual team, allowing the field supervisor to be aware of all operations and costs across a broad geographic territory in near real time.

  • Optimized processing expedites approval enables ‘Pay on Ticket’: Several new processing improvements such as automated price book reconciliation allow OpenTicket to significantly decrease the time associated with the approval, invoicing, and payments, leading to improved operator/service provider relationships.

“With the introduction of OpenTicket, Oildex seems to have figured out a solution to a problem that has plagued the oilfield services industry since the very beginning,” said Bob Cohen, Research Director, Ardent Partners. “Oildex has streamlined the field ticket process by offering reconciliation with price books and purchase/work orders, added support for auto-approval scenarios that automatically ‘flip the ticket’ into an invoice, and applied AP workflow and approval capabilities to the field ticket automation process.”

By removing the use of traditional paper field tickets, OpenTicket improves safety by eliminating unnecessary travel, makes all field ticket information analyzable data to support analytics initiatives, gives field supervisors complete visibility into all activities and costs, and automates compliance and reconciliation processing to expedite approvals and payments. OpenTicket fully integrates with OpenInvoice to create a seamless and automated platform for submitting field tickets and creating digital invoices for review and approval.

Packaging and Availability
Formerly known as OpenInvoice Field Ticket, OpenTicket is available now. Operators can subscribe to OpenTicket and purchase OpenTicket Mobile seats they can distribute to their service providers. Existing Field Ticket subscribers will be able to obtain OpenTicket Mobile licenses from Oildex. As an agile development shop, Oildex updates OpenTicket every month. While most of the new capabilities in OpenTicket are already available, some including D&C functionality is planned to be available this summer.

About Oildex
Oildex is transforming the way the oil and gas industry connects, collaborates and automates. More than 1,100 operators, 67,000 service providers, dozens of financial institutions and millions of mineral rights owners use the Oildex Network to seamlessly and securely collaborate with their business partners, automate critical business processes, eliminate the high cost and errors associated with the handling of paper, and obtain access to key data to make more informed business decisions. Oildex is headquartered in Denver and has offices in Calgary; Houston; Austin; Fayetteville, Arkansas, and Tennessee. Learn more about Oildex at http://www.oildex.com.

Contact:
Andy Prince
Public Relations
(512) 289-4728
[email protected]

Rethinking the oil and gas organization

December 2016, McKinsey & Company, www.mckinsey.com. Copyright (c) 2018 McKinsey & Company. All rights reserved. Reprinted by permission.

Organizational choices made during a time of resource scarcity need reexamination when the cycle turns.

When business cycles turn, cyclical industries can struggle to retool their organizations for the new environment. For instance, today’s oil and gas companies were developed in a time of resource scarcity. To get at those hard-to-find, difficult-to-develop resources, companies greatly expanded the role of their central functions—mandating them to set common standards, make technical design decisions, track company-wide metrics, and disseminate best practices. This worked well during a decade of high growth and high prices but created complexity that added costs, stifled innovation, and slowed down decision making. As these central teams expanded, general and administrative costs grew fivefold, hitting nearly $5 per barrel in 2014 (exhibit), with the biggest increases coming from technical functions such as engineering, geosciences, and health and safety.

Oil companies have cut support functions since 2014 but must consider more radical organizational changes as prices remain weak.

With prices now below $50 a barrel, that organizational blueprint is no longer sustainable. While companies have cut their support functions since 2014, the overall organizations supported by these functions are also smaller. This suggests further reductions in corporate functions will be needed, as well as new organizational models.

A more agile organization, with fluid teams and looser hierarchies, can lower costs and create greater responsiveness to today’s vastly different markets—ranging from megaprojects to less asset-heavy unconventional shale-oil and renewable-asset plays. Technologies such as networked sensors that generate and share data can help optimize production processes, while digitally enabled automation of routine manual activity can reduce human risk and spur productivity. Critically, the structures built to manage scarce talent and large-scale megaprojects will need to be fundamentally redesigned. We see two models arising: for lower-risk assets such as tight oil, a very lean corporate center with highly autonomous asset teams will suffice, while higher-risk, more capital-intensive assets will need a comparatively stronger center with deeper functional and risk-management capabilities.

For additional insights, see “The oil and gas organization of the future.”

About the author(s)

Christopher Handscomb is a partner in McKinsey’s London office, Scott Sharabura is an associate partner in the Calgary office, and Jannik Woxholth is a consultant in the Oslo office.

OGCI Invests in a Diverse Set of Technologies Designed to Reduce Emissions

The Oil and Gas Climate Initiative is advancing efforts to develop and commercialize technologies that reduce greenhouse gas emissions in some unexpected areas.

The voluntary organization of 10 major international oil and gas producers has finalized the first three investments of its billion-dollar investment fund, OGCI Climate Investments, to fund three low-emission technology projects.

The projects, the first in a host of planned investments, seek to make more efficient engines, reduce the environmental impacts of cement, and demonstrate the commercial viability of carbon capture and storage at a gas-fired power plant.

“OGCI Climate Investments’ goal is to deliver GHG reductions by investing in pre-commercial technologies and solutions that are both cost-effective and will scale globally,” explained OGCI Climate Investments Chief Executive Officer Pratima Rangarajan.

The group also has the unique ability to deploy the technologies in the operations of its member companies to amplify the scale an impact of its initial investments.

Promising technologies

The investments include US-based cement and concrete production company Solidia Technologies, which has patented a technology that facilitates the production of cement in a way that generates fewer emissions and uses CO2 rather than water to cure concrete.

OGCI says Solidia’s technology has the potential to lower the carbon footprint of concrete by up to 70% and water consumption by up to 80%. The project is also expected to demonstrate how carbon dioxide can be commercially re-used in an environmentally sound way.

In the OGCI report Catalyst for Change, the organization notes that the conversion of captured carbon dioxide into useable products can help reduce greenhouse gas emissions in specific sectors. In fact, the report notes that OGCI is looking to “invest in a range of companies that have developed innovative and commercially viable carbon utilization technologies.”

Another recipient of OGCI funding is Achates Power, a company that is developing high-efficiency opposed-piston engines that have the potential to reduce the greenhouse gas emissions produced by vehicles.  Achates Power plans to use the funds to accelerate the deployment of its technology across the globe alongside a broad consortium of engine makers.

The third project aims to design the world’s first full-scale natural gas power plant with carbon capture and storage, including industrial CO2 sequestration capability. OGCI Climate Investments has acquired the concept for a project in the UK and plans to work with the project team on a commercially viable concept and basic engineering design that can receive government support and attract private sector investors.

The project would also “enable neighboring energy-intensive industries to leverage the carbon dioxide transport and storage network that would be developed. This way, they too would be able to eliminate a large share of carbon dioxide from their operations,” OGCI said it its report.

The project could also advance the UK’s plans to reduce its greenhouse gas emissions to 80% of baseline 1990 levels by 2050.

The driving force behind OGCI

Together, OGCI’s 10 member companies claim to account for more than one-fourth of global oil and gas production. Their efforts demonstrate a commitment by these top producers – which include several national oil companies – to lessen the environmental impact of fossil fuels and collaborate on actions to reduce emissions.

The roster of members includes BP, China National Petroleum Corp., Eni, Pemex, Repsol, Saudi Aramco, Shell, Statoil and Total. An eleventh member, Brazil’s Petrobras, is set to formally join the group soon.

By collaborating thorough OGCI, the producers aim to be a catalyst for across the oil and gas industry and beyond. Since they produce so much of the world’s energy, the report says that makes them “important players in ensuring the supply of reliable and affordable energy, and gives us the opportunity to advance the transition to a low-emissions future.”

Good Vibrations: How Upending Convention Led to a Game-Changing Drilling Innovation

This article is reprinted with permission from ExxonMobil. 

In 2009, ExxonMobil engineers drilling into deep offshore oil deposits in the Gulf of Mexico unexpectedly encountered a particularly hard and abrasive rock formation. Instead of taking the drill bit half a day to drill through this formation, it ultimately took four runs, or trips in and out of the hole, and three weeks.

Yet just four years later, engineers were able to drill through the same formation in only one run and about a day.

The difference? An innovative approach to drilling that turned conventional industry wisdom on its head and is now reducing time, money and the environmental impact of oil and gas exploration and development.

For nearly a century, drilling engineers grappled with the challenges associated with vibrations along the drill string, which connects the drill bit to the rig at the surface. As the drill bit penetrates rock, the incredible force exerted on the system can cause the drill string to vibrate violently, which sometimes causes the tool to stop drilling, losing precious time.

The traditional approach to researching this problem was to focus on extreme scenarios. Scientists believed that by analyzing the large shocks and intense vibrations associated with extreme events, they would be able to figure out how to minimize damage. However, a team of ExxonMobil engineers and scientists broke new ground by upending that convention, convinced that the solution would come from preventing large vibrations from ever getting started in the first place. Instead of focusing on large vibration events, they developed drilling processes to mitigate vibrations when they are still small and manageable.

ExxonMobil engineers now tune the bottom part of the drill string, known as the bottom hole assembly, using proprietary modeling technology. Jeffrey Bailey, drilling mechanics advisor with ExxonMobil Development Company, compares the upgrade to making music.

ExxonMobil researchers Vishwas Paul Gupta, Jeffrey Bailey, Erika A.O. Biediger and M. Deniz Ertas at the Edison Award ceremony in 2015.

ExxonMobil researchers Vishwas Paul Gupta, Jeffrey Bailey, Erika A.O. Biediger and M. Deniz Ertas at the Edison Award ceremony in 2015. Photo via ExxonMobil.

“We now approach bottom hole assembly design in an analogous way to playing a stringed instrument,” he said.

“We now approach bottom hole assembly design in an analogous way to playing a stringed instrument,” he said. “If we need to modify the design to run at a higher rotational speed, then we shorten the length of the pipe between contact points, just as a musician moves his or her finger closer to the bridge to play a higher note.”

The research team also figured out how to identify and measure vibrations happening at the drill bit, using only measurements recorded by the rig equipment at the surface. This method is applicable to every well that we drill, is less expensive than measurements recorded at the bit, provides real-time data, and enables further optimization methods. The patent describing this methodology was recognized with an Edison Patent Award in 2015 by the Research & Development Council of New Jersey.

Bailey and his colleague Deniz Ertas aren’t new to drilling vibrations. They first developed the models that helped inform their winning approach to vibration mitigation two decades ago. Today that patient research is steadily proving its effectiveness in places like Qatar, Abu Dhabi and the Gulf of Mexico. The technology is also helping drillers reach incredible depths. In 2015, ExxonMobil and its partners drilled a 13,500 meter extended-reach well at the Chayvo field, which lies in Pacific Ocean waters off the eastern coastline of Russia’s Sakhalin Island.

“It took several years to build up to the point where we have the amount of confidence in the method that we do today,” said Bailey. “It’s just been a matter of conviction that the technology works and then persistence and seeing it to completion.”

 

Statoil Makes First Solar Investment, Highlights a Growing Trend

Norwegian oil major Statoil has purchased its very first stake in a solar project, agreeing to pay $25 million to acquire 40% of the 162 MW Apodi solar asset in Brazil. The deal is the latest example of a growing trend of major oil and gas companies taking stakes in renewable energy projects.

“The Apodi asset is a sensible first step into the solar industry and can demonstrate how solar can provide Statoil with scale-able and profitable growth opportunities,” Irene Rummelhoff, executive vice president of New Energy Solutions at Statoil, said in a press release.

Statoil agreed to purchase the project stake from Norwegian independent solar power producer Scatec Solar in October. The purchase price also included a 50% share in the project execution company, which will enable Statoil to participate and the building and operation of more Brazilian solar projects in the future.

“The potential for solar energy in Brazil is substantial and together with Statoil we are increasing our ambitions further in this market. We are bringing into the partnership a strong track record as an integrated independent solar power producer, while Statoil has a strong engagement and experience from Brazil through its other energy activities,” said Scatec Solar Chief Executive Officer Raymond Carlsen.

About the Adopi Solar Project

The Apodi solar project is set to provide electricity for about 160,000 households. Construction of Apodi was set to start in October 2017, with completion expected by the end of 2018. The total capital expenditure budget for the development is estimated at $215 million. Funding for the project is comprised of 65% project financing and a 35% equity contribution. Statoil’s portion of the equity share is estimated at $30 million.

The Apodi solar project is in the Quixeré municipality of the state of Ceará in northeast Brazil. It is fully-permitted with a grid connection and has a 20-year power purchase agreement (PPA) awarded in 2015 at an auction organized by the Brazilian government. The PPA had an inflation adjusted offtake price equivalent to $104 per MWh in 2017.

In recent years, Statoil estimates about 3GW of solar projects have been awarded in Brazil in three consecutive utility scale solar auctions. Another 7GW is planned to be awarded by 2024.

Following the transaction, Statoil will hold a 40% share in the project alongside Scatec Solar (40%) and ApodiPar (20%).

Statoil’s Green Energy Ambitions

Though the Apodi project is Statoil’s first solar venture, it is not the company’s first foray into renewable energy. Since 2012, Statoil has amassed a sizable wind portfolio that includes three UK wind farms, one of which is the world’s first floating offshore wind farm, Hywind Scotland. In 2016, the company also purchased a 50% stake in the Arkona offshore wind farm planned in Germany, which is set to come online in 2019.

Statoil’s wind portfolio is capable of providing power to more than 1 million homes.

“As part of Statoil’s strategy to actively complement our oil and gas portfolio with profitable renewable energy sources, we have so far focused on offshore wind where we have a unique competitive advantage building on over 40 years with oil and gas activities, “Rummelhoff said.

More Supermajors are Investing in Renewables

Statoil is just one of several major oil and gas companies that are making moves into the renewables business. In December 2017 alone, several notable investment in the sector were inked by BP, Royal Dutch Shell and Saudi Aramco.

That month, Saudi Aramco Energy Ventures (SAVE) led a financing round that raised $8 million euros (US$9.6 million) for a German company that is commercializing a new technology for the fabrication of silicon wafers for photovoltaics called NexWafe.

Shell Technology Ventures B.V., the corporate venture capital arm of Royal Dutch Shell, was likewise part of a group of investors that invested a combined $9 million in a Series B equity round for SolarNow, a Dutch company that installs off-grid solar energy systems in East Africa.

Meanwhile, BP paid $200 million for a 43% equity stake in Lightsource, the largest solar development company in Europe that is focused on acquiring, developing and managing large-scale solar projects.

Like Statoil, BP’s move is also part of a concerted effort to invest in renewables. BP has an Alternative Energy Business with interests in onshore wind energy across the US capable of generating 2.3GW, and as well as stakes in Brazilian biofuels plants that produce around 800 million liters of ethanol equivalent per year.

Green Energy is Gaining Steam

These deals comes as technological improvements and lower costs are transforming solar into an attractive power source that can compete with traditional sources of energy in important markets. BP’s Statistical Review of World Energy notes that global installed solar generating capacity more than tripled from 2013 to 2016, rising by more than 30% in 2016 alone.

The growing viability of renewable energy sources is evident across the globe, and the appetite for these projects is increasing globally as countries work to meet commitments made during the Paris Agreement in 2015 amid growing concern about climate change.

Now, the building momentum for these installations has even caught the eye of supermajors like Statoil, indicating that an undeniable wave of change is underway in the way the world thinks about energy.

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