Solomon Upstream has been a global leader in benchmarking the upstream industry for more than 30 years, having benchmarked the assets of more than 5,000 offshore and onshore oil and gas fields in more than 40 countries. We have compiled the world’s largest database of operating costs, uptime reliability metrics, and technical key performance indicators (KPIs) across a wide range of oil and gas producing areas.
This storehouse of knowledge positions us well to help you identify large, untapped production efficiency improvement savings through the benchmarking of your production operations. In addition, we can help you plan initiatives that will improve reliability and operating efficiency and in doing so optimize operating costs and increase overall profits.
What We Do
Solomon’s competitive performance assessment methodology for analyzing like-kind field-level asset performance is both rigorous and proven. The entire process is geared toward providing an actionable and effective management tool that helps identify potential cost savings by targeting performance gaps between actual performance and the performance of the industry’s top performers.
What Makes Us Unique?
Unrivalled experience in upstream benchmarking
We design custom performance benchmarks that are appropriate to client asset characteristics and needs, regardless of where your production operations are located. During the benchmarking effort, we use data from similar operations to analyze multiple aspects of your upstream performance, including production operating costs, uptime reliability, finding and development success, drilling and completions cost/efficiency, and technical staffing.
World’s largest operating cost database
We have analyzed more than 4,400 onshore and offshore oil and gas fields representing almost 40 billion US dollars (B USD) in operating costs. Many fields have been analyzed for multiple years, enabling insightful field-life trend analysis. Our proprietary database uniquely positions us to provide you with details on the strengths and opportunities of your field operations.
Center for Upstream Benchmarking Excellence (CBE): Our team of highly experienced analysts, engineers, and economists supports every benchmarking project to ensure our studies provide consistent, high-quality results. Our CBE staffing approach (i.e., establishing a permanent team to be responsible for our benchmarking database, toolset, and diagnostic templates) is a key differentiator between us and other upstream advisors.
Our Proprietary Methodology
Our large, detailed, proprietary field-level database and extensive international operating experience provide you access to information not currently available from any other consulting firm. Our benchmarking services identify key “performance gaps,” and our consulting services help to prioritize and reduce these gaps by focusing on specific practice improvement areas. This approach yields the most immediate impact on production operating efficiency.
Cost benchmarking: We perform cost diagnostic benchmarking analysis to determine the extent of performance gaps by comparing each of your fields’ operating costs to the “like-kind” operations of other leading E&P companies. The analysis is conducted for the full range of detailed cost categories. We also perform normalization analysis, which improves the comparability of performance by controlling the impact of specific asset characteristics (e.g., complexity).
Uptime reliability: Solomon Upstream’s benchmarking approach measures uptime reliability performance consistently across companies. The family of uptime reliability metrics is based on field-level daily production data and serves as a cornerstone of an Upstream Operating Excellence program. The uptime reliability metrics include, among others:
- Production Efficiency (Planned and Unplanned)
- Lost Production
- Mean Time Between Downtime Incidents
- Mean Time to Recover
- Our proprietary Reliability Index
Consulting: We use benchmarking diagnostics and an interview process to identify specific cost areas (typically two or three) that offer the greatest potential for cost savings and efficiency improvements. By conducting comprehensive reviews of your current practices, and utilizing our best practices knowledge and extensive staff experience, we can recommend appropriate better practices that will fit within your operations and corporate culture.
Improvement implementation assistance: Depending on your needs, we can serve as an expert advisor or even as the project leader for a solutions implementation project.