Kandy Lukats, CEO & President
Uncertain energy investment environment and extreme price volatility has upstream Oil & Gas business leaders seeking new ways to improve their performance.
“Our job is to help them identify and bridge value gaps in their business that deliver actual results to their bottom line,” says Kandy Lukats, President and CEO, 3GIG.
Digital oil field initiatives have paid dividends by harnessing data to optimize production and efficiencies; raising the number of barrels produced while lowering costs.
You can think of digital oilfield data as answers to the “What” questions; like what is the pressure and production rate of a well. These inputs are fed into dozens of engineering and economic software applications designed to improve performance of wells.
Clients use 3GiG to identify and answer the HOW, WHY and DID YOU questions, leading up to and recording decisions as they are made, creating inventories of ideas, opportunities, projects, activities, prospects, and more, that represent the intellectual assets of their company. Recently a Fortune 500 client raised their EBITDA by over $250 million in less than 90 days, a 10 percent improvement by utilizing 3GiG to capture, vet, rank, and execute 1,700 new ideas from the company’s own staff.
Other questions clients answer with 3GiG include why green field development choices were made and how tradeoffs effected production, recovery and economics.
3GiG helps clients get a handle on unstructured, un-automated, business activities that require person to person collaboration, but don’t fit neatly into the digital world.
We helped a Fortune 500 client raise their EBITDA by over $250 million in less than 90 days, a 10 percent improvement, utilizing by 3GiG to capture, vet, rank, and execute 1,700 new ideas from the company’s own staff
Kandy shared 3GiG’s approach, “We start working with our client by mapping their challenges on a white board. Clients can either implement and tweak one of our off the shelf applications or work with our consulting team, who expand the initial design discussion and use our Smart Process Application platform to deploy the client’s solution in weeks, not years.”
The oil and gas industry carries some of the largest project risks and responsibilities in the modern world where decisions made today have economic, environmental and political consequences for decades. At exactly the time when the best minds in the business are needed, the industry has lost just under half a million of its professionals during the current downturn.
An example of how upstream O&G industry’s decision making processes are supported comes from a solution called PathFinder, which incorporates a client’s proprietary knowledge base, guidelines, projects and technical assurance tracking, assisting teams to meet goals for subsurface deliverables and decisions. “Most importantly, clients are achieving better decisions accompanied by faster cycle times,” comments Kandy.
Taking their success one step ahead, the company is looking to develop its business by adding new features to its platform this year. “We are exploring new market segments in finance, investment and energy services and have new team members in the U.K. and Kuala Lumpur looking at developing business,” concludes Kandy.