NeoFirma: Cost-effective Well Monitoring Solutions

Companies in the oil and gas sector are subject to consistent changes due to emerging energy policies, geographical complexities, and climate changes. Moreover, the industry is always under relentless pressure to efficiently manage, monitor, and optimize the complete well life-cycle and its production performance to increase business efficiencies. According to the Independent Petroleum Association of America (IPAA) there are approximately 9,000 independent oil and gas producers in the U.S. in 2016. Most of these independent producers look for cost-effective well monitoring technologies and reporting software systems to track their well performance. Meeting these requirements is the Dallas-based company, NeoFirma that provides an easy-to-use, cloud-based suite of software solutions to manage drilling and production operations. The firms’ production reporting and management software is designed specifically for independents, and uniquely poised to help producers improve their operational efficiencies, track field costs, and optimize spending.

Founded in 2003, NeoFirma has been working on a mission to provide novel technology solutions for capturing, managing, and analyzing Exploration and Production (E&P) information. The firm offers an array of its cloud-based suite of software solutions to resolve difficulties that are related tasks such as drilling, completion, work over, well repair or maintenance in the oil and gas sector. NeoFirma’s Drilling and Production management application enables various departments of a company including, operations, production, and finance with better visibility into their business operations. “NeoFirma’s Drilling application makes reporting of the well sites for compliance purposes and financial details more seamless and accountable,” appraises Steve Haglund, CEO and President, NeoFirma.

NeoFirma’s well monitoring software is a cloud-based solution for capturing production data and accelerating crucial decisions with real-time reporting. The solution helps the independent operators to easily acquire information from wells concerning E&P at its various life cycle stages. Additionally, the software assists companies to generate reports and analyses to understand the reasons behind a well that has unexpectedly stopped production. The well monitoring software is equipped with state of the art integrated production allocation engine that calculates cumulative production for each well in a system.


NeoFirma’s Drilling application makes reporting of the well sites for compliance purposes and financial details more seamless and accountable


This way, the solution eliminates complexities around determining the individual well production volume and performance. The software also allows the users to create a central online well file to digitally organize scans, PDFs, images, and other files for easy access and sharing of information.

Multitude of companies has been benefitted from incorporating NeoFirma’s software suite into their ecosystems. In one instance, the Seaboard Operating Company, an independent exploration and production oil firm located in Midland, was facing tremendous challenges with its data management process that included data entry, and aggregation of various data sources such as spreadsheets, word documents, emails and daily reporting requirements. After extensive research, Seaboard approached NeoFirma to incorporate their cloud-based solution suite. Seaborad witnessed tremendous improvements in their data aggregation processes that was carried out in lesser time duration thus allowing them to focus on their operational and business efficiencies.

The functionality of NeoFirma’s software suite has helped in eliminating discrepancies for companies across the oil and gas industry and enhanced its efficiency level for better productivity and profitability. Adding to their growth trajectory, the firm envisions providing enhanced cloud-based solutions that can enable the E&P companies in improvising the reporting and operational efficiencies while also delivering real-time transparency to its partners.

Company
NeoFirma

Headquarters
Dallas, TX

Management
Steve Haglund, President & CEO

Description
Provides an easy-to-use, cloud-based suite of software solutions to manage drilling and production operations.