Top 5 Oil and Gas Software to Streamline Operations and Boost Business Growth
In the last few years, digital technology has brought about a radical transformation in industries like e-commerce, banking, and healthcare. But among all industries, the oil and gas industry took the spotlight when it came to automation.
Staying on top of everyday operations and managing them efficiently is difficult, especially in today’s competitive market, whether you manage an oil and gas business in the upstream, midstream, or downstream sectors. If you work in this sector and are planning to take care of things manually, it is going to be an almost impossible task. Even if you manage to keep track of the workflow, you can never ensure accuracy and efficiency in the process since it involves a wide range of complex, and sometimes even risky, tasks. It is, however, only possible with digital technology, especially with automation tools. No wonder the market quickly filled up with different software solutions for the oil and gas industry. However, the process automation software system, commonly known as oil and gas software, has been the most promising innovation in this field.
Since its introduction, the software system has been an integral tool for cost-cutting and process automation in the energy sector. To stimulate innovation in their business practices, some of the world’s major oil and gas corporations are now leveraging modern technology such as cloud computing, data analytics, artificial intelligence, and predictive maintenance. But the digital tool that has garnered the most attention is oil and gas software.
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But why? What is the reason it garnered so much attention?
While there might be a number of reasons, it primarily became popular for its extensive range of benefits. It is incredible to see how much it can impact business operations and help increase efficiency.
If you work in the gas and oil industry and are yet to learn its advantages, read on!
Table of Contents
What is Oil and Gas Software?
Essentially, oil and gas software is a software application designed to automate and streamline business processes in the oil and gas industry. It is a cutting-edge digital tool that businesses use to increase efficiency and productivity, enhance profitability, minimize risks, reduce costs, and promote worker safety. The system also provides businesses with valuable analytics and insights that help them make informed decisions and boost growth.
Beyond automation and cost-cutting, this software plays a pivotal role in improving internal communication, achieving efficient database management, enhancing productivity, monitoring field teams in real-time, facilitating preventive maintenance, and so on. Using this cutting-edge technology, managing day-to-day tasks in the energy sector, such as inventory management, work order management, scheduling and dispatching, supply chain management, resource planning, routing, SLA management, legal compliance, customer management, etc., requires just a few clicks on a computer or even a smartphone. What’s more, most oil and gas software solutions support integration with leading oil and gas accounting software systems, streamlining accounting and bookkeeping to increase profitability and efficiency at the same time.
Benefits of Oil and Gas Software
According to a survey conducted by Accenture in 2019, 97% of upstream and 91% of downstream executives in the oil and gas industry agreed that technology has accelerated the pace of innovation in their organizations over the last four years. In 2021, the top ten oil, gas, and chemical software vendors controlled over 49.5% of the global oil, gas, and chemical applications market, which expanded by 6.7% to nearly $10.5 billion in license, maintenance, and subscription revenues. Furthermore, the market is estimated to reach $12.7 billion by 2026, up from $10.5 billion in 2021, at a compound annual growth rate of 5.3% through the projected period. The statistics clearly indicate the growing popularity of this innovative digital tool and for good reasons. The benefits of using software for oil and gas industry have been limitless.
Here are some of the major benefits:-
- Streamlining Workflow
- Mitigate Risk
- Asset Management
- Quality Control
- Safety and Security
The wide range of processes involved in oil and gas exploration and production are both critical and risky, and they must be efficiently monitored and managed. This covers rig management, land and water management, site engineering, fleet tracking, compliance, and monitoring personnel performance and project progress. It is impossible to be constantly present in distant regions. Oil and gas software systems provide users with real-time access to crucial business information that can assist them in making critical decisions. It also promotes inter-departmental communication and collaboration, which increases productivity and efficiency.
This software can assist oil and gas companies in identifying hazards in a project well in advance, giving you a clear picture of what to expect and the project’s potential success. It can also aid in the development of contingency plans for dealing with emergency scenarios.
The asset management module assists you in optimizing the efficiency of your assets. Regular maintenance can help ensure peak performance, reduce downtime, and extend the useful life of your equipment. An oil and gas software system will assist you in automating maintenance routines so that you do not forget, as well as precisely tracking all of your assets, even after they have been disposed of, replaced, stolen, or destroyed.
Quality control is critical in the oil and gas industry, and this software program is extremely useful in this regard. Oil and gas products are not only expensive and necessary, but they can also be detrimental to the environment. Oil and gas software can track distribution losses to reduce incidents and assist with compliance reporting in purification and refining. The losses could be solid, liquid, or gaseous; however, this software can assist with conversions as well.
When it comes to oil and gas companies, safety and security go hand in hand. Unmonitored oil and gas vehicles and equipment can attract unlawful hazardous material handling or even theft. As a result, more oil and gas businesses are relying on advanced tracking technologies. and this is something oil and gas software can easily help you with.
Modern oil and gas software uses geofence technology to build a virtual perimeter for powered and non-powered assets. An instant alert is issued to management if an asset is moved outside of its assigned region or turned on without permission during an unapproved time period. In the event that the equipment is stolen, the live location status can be quickly reported to authorities.
What is the Best Oil and Gas Software?
Considering the array of advantages, there is no doubt why this digital tool is fast becoming the most sought-after technology in the energy sector. However, the important question is: which is the best oil and gas engineering software?
To help you choose, we have put together a list of five leading oil and gas software solutions available today. We took up in-depth research, considering use cases and the best features, and have come up with these options. Go through the reviews, consider the features, and choose what you think will suit your needs best.
Oil and gas software is essentially an umbrella term. It can refer to a host of digital solutions for tasks including engineering, asset management, production, scheduling, accounting, and so on. In most cases, separate software applications support these activities. But this is going to cost you a fortune in terms of separate subscription fees and maintenance costs. But if you want an all-in-one solution at an affordable price, your best choice is Field Promax. It is the most exhaustive, efficient, and surprisingly easy to use option for all sorts of gas and oil companies.
Field Promax provides business owners, managers, and backend executives with full control over daily operations, no matter where they are. The advanced digital tool contains a full work order management suite, an efficient dispatching and scheduling system, and streamlined facilities for creating and sharing estimates. The advanced GPS technology allows you to track your field team’s whereabouts in real-time, keep track of their progress, and view your entire schedule in different color-coded formats (daily, weekly, monthly, and individual schedules).
The smart, intuitive software also comes with several more efficient features, which include routing, cloud storage, inventory management, database sharing, reports and analytics, a customer portal, digital signature support, a comprehensive dashboard, calendar view, time-card, payment tracking, alerts and notifications, and a dedicated mobile app for field technicians. It also offers seamless integration with QuickBooks, making it an efficient gas and oil accounting software as well.
Field Promax is available for both desktop (Mac and Windows) and mobile phones (iOS and Android) with an array of industry-specific customizations and several pricing plans to suit any gas and oil company, regardless of their team size or the number of active projects.
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When it comes to reliability and efficiency, AVEVA tops the chart as one of the leading oil and gas engineering software programs. It enables multi-disciplinary engineering teams to collaborate effectively as they collaboratively define all of the essential engineering elements involved in plant or marine projects. As such, it is highly versatile and configurable.
AVEVA is most commonly used as an authoring tool for process and mechanical disciplines, but it is also well suited for pipe stress, safety, and other specialized disciplines. It allows each profession to maintain complete control over their own data while still allowing access to and referencing data from other disciplines. When AVEVA Unified Engineering is employed, the entire project information model is exposed to the full range of AVEVA’s process simulation, design, engineering, collaboration, and lifecycle management capabilities, all of which can be securely accessed from a single data hub on the cloud.
The software is primarily designed for large businesses and is available only for Windows.
Etap is a software solution for the oil and gas industry that seeks to give a comprehensive one-stop solution for building, controlling, and automating electrical, gas and oil systems.
It equips onshore and offshore oil and gas facilities with technologies to protect their infrastructure and preserve full operating capability, from upstream to downstream. For example, oil and gas software allows you to analyze your electrical power system and determine the most efficient configuration for ground grid systems.
ETAP delivers best-in-class, seamless customer experiences and cloud-leveraging technologies through its integrated electrical digital twin platform, ensuring universal accessibility for designers, engineers, and operators, empowering users to increase productivity, collaboration, and efficiency, and enabling their energy transition journey.
PakEnergy is a highly efficient oil and gas accounting software that aims to help upstream and midstream service companies and investors run their businesses more efficiently.
It provides a number of features that aid in the simplification of complex operations such as revenue distribution, joint interest invoicing, division order administration, production accounting, and contract management. PakEnergy also contains a system for managing crude oil purchases and sales.
Unfortunately, the pricing for this oil and gas accounting software system is not transparent, and you must contact their support team for additional information.
Petrel E&P’s oil and gas field service software promises to enable industry specialists to collaborate and improve decision making from exploration to production.
The production program contains subsurface data analysis tools, allowing you to construct a shared vision of the reservoir. This method enables organizations to standardize and automate procedures across exploration and production, allowing them to make better informed decisions based on a clear understanding of opportunities and risks.
Petrel E&P is a feasible alternative for working with datasets that span numerous UTM zones, but it has a steep learning curve for casual users who only wish to manipulate surfaces.
Final Thoughts
Oil and gas firms operate in a resource-intensive, competitive, yet closely regulated environment, posing difficulties in asset management, operations, supply chains, and maintenance. Companies are leveraging digital technologies, as discussed earlier, to increase productivity and reduce expenses. These digital solutions enable workforces to interact effectively and perform tasks remotely using devices such as phones, tablets, and other mobile handheld devices. With regard to the market trend, the software options mentioned above are all good choices for a gas and oil company.
But if you want the best, Field Promax is the ideal solution for you. It is perhaps the most efficient oil and gas software, which comes with an end-to-end solution for your process automation and cost-cutting. But the highlight– it has perhaps the most user-friendly interface and an almost zero learning curve. Training your employees will be a matter of hours, not days, with this one. Besides, it has different pricing plans to suit your budget. What more can we ask for?
For more information, Contact Field Promax.
Gas and oil software can assist businesses in increasing efficiency, lowering costs, and making more educated decisions based on real-time data. As a result, it is an ideal tool for organizations in this area to use in order to remain competitive and ensure the seamless operation of their operations.
This type of software enables engineers, managers, and business owners to streamline and standardize processes by automating tasks such as scheduling, project management, inventory management, supply chain, vendor management, estimating, routing, database management, and invoicing.
Oil & Gas Accounting Software delves into acquisition, exploration, development, and production activities, covering many industry-specific accounting issues.
The basic difference between the two is their treatment of incurred exploration costs that do not result in the discovery of oil or gas reserves. Under FC, all the costs of exploration are capitalized, regardless of whether those costs lead to a specific discovery of reserves.
