Solomon's Worldwide Offshore Production Operations Performance Analysis (Offshore Study) provides a platform for assessing the performance of offshore assets at the company level and for comparing the performance of similar types of operations either globally or within a given region.
Since 1998, Solomon has benchmarked offshore operations in the Gulf of Mexico and in other areas worldwide, in all water depths. Our benchmarking studies have analyzed offshore operations for all production system types (fixed and floating), equipment of all ages, and assets with various qualities and at different stages of asset life. Our studies have analyzed everything from mature, low-productivity shelf fields to newer deepwater fields.
In addition to benchmarking operating cost and cost drivers (such as boat versus helicopter strategies), we also benchmark a family of metrics related to uptime reliability and production maximization. Performance in these areas is critical to offshore success, especially in times of high commodity prices.
Why Choose Solomon's Offshore Study?
Solomon Upstream is a leader in automated data gathering approaches. We have developed an innovative system that maps the proprietary operating cost codes of client operators to a standardized set of 260 codes. This approach to gathering cost data enables us to take your raw accounting cost data as a download from your system and—utilizing the code map—place costs transparently into the appropriate standardized categories for benchmarking.
You no longer need to complete cost spreadsheets based on cost-category definitions—definitions that may not be interpreted in the same way by each operator. This proven method improves the quality of the data and the continuity between studies and greatly reduces data gathering efforts.
In addition, after performance gaps have been identified, the transparency of the process makes it easy to revert to your cost codes to determine spending in each of your cost categories within the benchm arked category. The code mapping enables you to probe deeper into sub-classifications to focus on specific costs, such as subsurface and surface repairs/maintenance, labor, and transportation.
How It Works
In addition to providing enhanced asset-level performance assessments and detailed performance gap analyses, the Offshore Study includes a consolidated, company-level performance assessment, providing a valuable new competitive perspective. The study:
- Quantifies industry performance by asset operating characteristics.
- Utilizes performance metrics appropriate for offshore assets.
- Identifies and analyzes significant “cost drivers” for various production systems.
- Utilizes semi-automated and transparent data gathering methods to limit staffing requirements.
- Provides detailed analysis for each significant offshore asset, using asset-level diagnostics.
- Uncovers key areas of underperformance, enabling root-cause analysis to identify appropriate solutions for reducing costs and maximizing production.
- Identifies uptime reliability performance issues (e.g., frequency and duration of downtime incidents) through our unique uptime analysis on a consistent basis across companies and assets.
- Do my facilities perform as well as those of my peers, taking into account the relative complexity of my operations?
Solomon Upstream studies help you find answers to the critical questions key to your business success:
- Are my operating expenses competitive with companies that have similar facilities?
- How reliable are my producing assets?
- How does my facility utilization compare with others?
- How do I compare across the range of performance in the industry?