EnergyIQ has unveiled new functionality and enhancements to its IQlifecycle solution. Improved integration of master well data with the Trusted Data Manager core technology now offers exploration and production companies the ability to automate critical business processes over the lifecycle of the well, increasing the productivity and efficiency of high performance work teams.
IQlifecycle workflow automation functionality uses configurable rules and sophisticated event monitoring.
Built on EnergyIQ’s foundation technology – the Trusted Data Manager (TDM) – IQlifecycle automatically synchronizes information from disparate systems across the well lifecycle, making it possible for cross-functional teams to collaborate in real time using trusted data.
TDM combines innovative data management tools with sophisticated software capabilities to create an enterprise well hierarchy across all assets and departmental information systems, the company said.
E&P critical business processes function across the life of an asset, from conception, to drilling, production and eventually plug and abandonment; IQlifecycle’s event-driven process automation eliminates non-productive time, reduces errors, ensures high-quality data and empowers analytics and decision making.
“Automated workflows are the next major advancement in business process improvement for the oil and gas industry,” Mike Skeffington, vice-president Business Development with EnergyIQ, said in a statement.
“Recent enhancements to the IQlifecycle solution now make it possible for E&P companies to manage business processes over the entire lifecycle of the well, automatically and accurately. Given the cross-functional nature of nearly every E&P business process, IQlifecycle workflow automation ensures effective collaboration across disciplines and platforms to dramatically improve organizational productivity and efficiency.”