Production Optimization is all about maximizing return on investment on your fields. Exploration and Production companies identify business opportunities in under-performing wells, analyzing production loss and downtime and perform the best corrective actions in time to maintain production. For this analysis, production engineers often work with siloed applications and spreadsheets. The field production data coming from the wells can be difficult to quality control or processed in a timely fashion. Also, many activities have to be done manually by production engineers and engineering tech; this consumes most of their time with routine work such as data handling, visualization and reporting.
However it is critical that the right decisions are made because an error could potentially damage the reservoir for years to come. Many of these decisions are made today based on the extensive experience of the senior team members, more of whom are retiring every day and O&G companies have difficulties transferring their knowledge to newer members of the team before they leave.