Solomon's Production Efficiency and Uptime Reliability Performance Analysis (Production Efficiency and Uptime Reliability Study) assesses upstream production operations worldwide, providing production efficiency benchmarks to participating clients. With technical data and uptime information for more than 600 oil and gas fields, we can construct customized benchmarks for all of the fields you operate worldwide.
Solomon’s efficiency analysis has been implemented both offshore and onshore by companies operating on five continents. Solomon has more than 200 successfully executed upstream production efficiency benchmarking projects in its proprietary database — the broadest geographic coverage for comparative productive efficiency data in the world.
Why Choose Solomon's Production Efficiency and Uptime Reliability Study?
Production maximization is extremely important to E&P companies in times of declining margins and decreasing production. Rather than base our approach to production reliability on daily sales volumes, which may be influenced by inventory changes or market constraints, we use true daily production data. Our analytics target actionable production enhancement (and unit cost reduction) opportunities.
The objective of uptime reliability benchmarking is to measure performance relative to peer operations, thus quantifying the incentive to improve production efficiency and thereby enhance production. Reducing deferred production is the single best investment a producing company can make — and achieving best-in-class targets can deliver many millions in incremental cash flow.
How It Works
Solomon Upstream has defined 20 world types of oil and gas fields for comparing technically similar assets. In some cases, subtypes of the world types are defined to provide more specific peer groups for your assets. We have developed and delivered uptime reliability metrics for 500+ upstream assets in more than 20 countries, and each of your producing assets is assessed against similar assets in our proprietary field-level database. In addition, the causes of your unplanned downtime incidents are compiled and compared to peers for your assets.
Solomon studies help you find answers to the critical questions key to your business success:
- Are my operating expenses comparable with companies that have similar operations?
- How reliable are my production facilities?
- How does my facility utilization compare with that of companies with similar facilities?
- Do my operations produce a competitive gross margin, taking into account the utilization and complexity of my facilities?
- How do I compare across the range of performance in the industry?
- How well do I manage my planned and unplanned production losses?