Laura Schwinn, CEOIt is September, which means “back to school”—a time for students to learn new things, test new ideas, and plan for the future. The same can be said for the companies. As enterprises move into the fall, they think about plans and budgets for next year, and the oil price for the coming few years.
Today, the marketplace is challenging. Companies are being squeezed to deliver higher returns with fewer resources. As a result, it is absolutely vital to drive productivity and effectively manage a firm’s knowledge resources while maximizing technology investments. In the energy industry, knowledge, efficiency, and effectiveness need to be at the forefront of decision making, especially when the price of oil is low. Exploring for and producing hydrocarbons is expensive with uncertain future returns due to commodity price fluctuations. Many decisions, particularly those through the exploration phase, require organizations to make educated guesses about: the geological model; the recovery potential; and, the optimal development or production scenario. Therefore, it is essential that the educated guesses are, in fact, educated. To do that, it is crucial to validate the assumptions in the most informed, efficient, and cost effective ways.
“And that’s what we at C&C Reservoirs empower you to do,” states Laura Schwinn, CEO of C&C Reservoirs. So, how to ensure the C-suite has the right knowledge? “I have to go back to 1876 and thank Melvil Dewey for our inspiration. We all know that without a trusted classification system, that is consistently applied, it would be almost impossible to find the library book you are looking for. The Dewey Decimal Classification System has now been in use for over 140 years,” adds Laura.
In the oil and gas industry, companies have kicked off data management projects with the hopes that when they were complete, they would be able to find all of their data. But seldom do they consider the importance of a standard classification system.
“Having all of your data in one place does not mean it can be efficiently found,” asserts Laura. Leveraging a tested classification system and applying it to data management projects turns that data into usable knowledge. The data that resides in operators’ hands is very valuable, and in many cases an untapped asset. Moreover, if a geoscientist could look at data from around the world and could find it using the same classification system, they would spend more of their time on technical matters. One of the major obstacles to finding and using knowledge today in the oil and gas industry is lack of a standard classification system, aka the Dewey Decimal Classification System.
At C&C Reservoirs, Laura and her team of experts have a geology and engineering classification system that they have worked with industry experts over the last 22 years to develop. This classification system identifies the most important geological elements for a reservoir, such as source, trap, seal, and clearly defines each associated parameter, as well as reservoir fluids and engineering methods applied including improved recovery and EOR methods. With this classification system containing standard definitions and images to clarify understanding, it is easy for geoscientists and reservoir engineers to classify and compare their oil and gas reservoirs. “This classification system and our DAKS IQ platform have enabled us to capture knowledge on over 70 percent of the world’s reserves, enabling the most successful operators in the world to effectively manage their geoscience resources.”
As C&C Reservoirs focuses on building plans for next year, the company intends to make sure they can find and use the knowledge on the shelves.