Smart Oil & Gas
In the midst of recent price volatility, consolidation of vendors and new energy supply chain, energy companies would be wise to examine the adequacy of their current Energy Trading and Risk Management (ETRM) applications. ETRM vendors have been rolling out messaging to the market, along with new products and enhancements. Added to that voice is Allegro Development. With the new investment by Vector Capital and some changes in leadership, attendees at Allegro's 2014 Customer Summit were anxious to see the latest product release and solution road maps as customers embarked on 3 days of networking and knowledge sharing in Austin, TX. There was a lot to see.
Allegro has been hard at work at enhancing their product offerings with the latest release coming out in October prior to the summit. Allegro took a customer-centric approach, with many changes germinated from customer input in the Allegro 8 release:
- Performance. Allegro has tackled speed in the areas of natural gas and power scheduling, trade retrievals, credit exposure, valuation and settlement. Of note are improvements in processing time of natural gas stream contracts, allocating…
MIT Student Energy Conference has become a Cambridge tradition. Each year for the last 8 years, students, professors from many disciplines, entrepreneurs, financiers, and vendors to the energy industry have come together to take a peek at the future in energy. Every year is exciting, and the recent energy conference was no exception.
This years' conference was sponsored by Tata Consultancy Services (TCS), Siemens, BP, Shell, the Massachusetts Clean Energy Center and the MIT Energy Initiative. It is the combination of the possibilities that attracts people to the conference. Here are some "what-ifs" that had everyone thinking. What if….
- …. batteries were made out of the most common of elements so that scarcity wouldn't affect the price with the scale up of the battery storage market
- …. the same technology used to…
Since its inception 22 years ago, the International Utilities and Energy Conference (IUEC) has become Accenture's most important conference dedicated to examining topics of global interest to senior leadership executives in the electric, natural gas, petroleum, and water industries. This year’s conference theme was global perspectives on the world’s energy agenda. The event was held in China, in Beijing.
In the last thirteen years I have had the pleasure to join almost all IUEC editions, but this 23rd one was quite unique and different from all the previous. To say it is a nutshell, it was not an international conference which happened to be held in China, but a Chinese fully endorsed executive event with international participation.
I quickly realized that the Chinese like numbers and especially record-breaking ones. So let's start by saying that this IUEC was registering a new record in…
The dust has finally settled, at least in the United States, on new regulations for transparency in the commodities markets. Dodd-Frank regulations are in place and companies trading in energy commodities are affected, whether or not these companies are major swap participants (MSP) or swap dealers (SD). Trade repositories (SDRs in US) will not have ultimate responsibility for quality of the data – companies participating in the trades will.
Compliance dates for reporting "other commodity swaps" which includes energy are here or about to be. MSPs were required to report January 10, 2013; SDs whose "swap dealing activities exceeded either of the notional thresholds during the month of October, 2012" were required to start reporting historical swaps starting March 30, 2013. Non-SD/MSP counterparties are required to be in compliance with by April 10, 2013.
In January, there was a flurry of activity in the energy markets, with a…
I was given the opportunity to attend the 18th Middle East Oil and Gas Show and Conference (MEOS 2013) two weeks ago in Bahrain. Dedicated to the theme of 'Transforming the Energy Future', the event provided an opportunity for participants from the international majors, prominent national companies, and leading service providers to identify common challenges and share thoughts on new business models and upcoming technologies.
Here are my top four conference takeaways:
- Thoughts on the Optimization of Digital Oilfields
In recent years, many O&G companies have started to invest in solutions that enable increased data capture and improved analysis through automated processes. In order to make these initiatives fully successful, companies are now defining best practices in terms of implementation and usage, standardizing the decision-making process, and implementing quality-improvement methodologies, such as Six…
Predicting total IT budgets in the oil and gas (O&G) industry is a difficult task; many factors have to be taken into account, with future commodity prices playing a role of utmost importance. To compound matters, the IT strategies employed by end users may vary significantly from one company to another and from one region to another.
In this 'ocean of uncertainties' two factors can help give us a clearer idea of upcoming IT spending trends in this specific industry:
1. The willingness of…
The recent settlement with Transocean to pay $1.4 billion in fines associated with the DeepWater Horizon brings to mind again the risks associated with exploration and production - loss of life, environmental impact, and the consequent economic impact. Another recent event – a drilling barge set adrift in heavy storms in the Gulf of Alaska – ended on a better note, with Shell recovering a drilling barge after it was successfully evacuated. While the focus has been on prevention, given the nature of the industry and the uptick in extreme weather events, the industry will not be hazard free. A lot of attention has been paid to prevention, but how can information help in reducing losses and environmental impact once an incident has occurred.
As we have noted before, information technology has a role to play in helping to prevent further accidents in offshore. IT applications can help oil and gas companies track and manage incidents, apply and update standard operating procedures, and manage assets. Big Data and Analytics can be used to analyze time series data from past incidents to identify patterns that can be used in alerting of potential problems or automated shut downs. Analytics can also be used to predict when another…
Our 2013 top 10 predictions for the worldwide oil and gas industry were presented in a webcast on December 5 and the accompanying report is now available to clients on our web site. This is a brief recap of the webcast.
This year, prior to presenting the actual predictions, we reviewed the business scenario that we believe to be most likely during the upcoming year. There are political, economic, social/environmental and technological elements to this business scenario and for each element there are stated complications, implications and IT impacts. Complications are changes that are likely to occur. Another way of interpreting the complications is as a set of assumptions about what the near future will…
The Oil and Gas (O&G) applications market traditionally was big and small at the same time. Big in the sense of the magnitude of spending on applications, but small compared to the manufacturing industry which has a large number of companies. So ERP vendors have had the challenge of deciding how much O&G functionality to build out to satisfy the needs of their O&G customers, functionality that could be sold to a limited number of companies. In recent years, the number of companies in the O&G market has grown, with the rise of national oil companies and the proliferation of upstream and midstream companies focused on enhanced oil recovery and unconventional resources. ERP vendors have taken notice and made efforts to engage the industry in a dialog about solution development. This trend is demonstrated by the engagement of SAP with its oil and gas customers.
The second annual Best Practices in Oil and Gas conference was held in San Antonio, Texas and run by the Eventful group. This year, conference attendance grew to over 500 attendees, an attendance that was largely made up of representatives from super majors, majors, independents, national oil companies and oil field services companies. The conference mostly drew from North American companies, but there was presence from across the globe as well. The conference was part show and tell, but also…
The International Energy Agency’s recently released World Energy Outlook 2012 contained at least one headline grabbing forecast – that the United States is projected to become the largest global oil producer by around 2020, overtaking Saudi Arabia, and putting North America on a path to become a net oil exporter around 2030.
As stated in the IEA report, developments in upstream technologies are unlocking tight oil and shale gas resources, spurring economic activity, dramatically increasing domestic supply, and changing the role of North America in global energy trade. This increase in production, coupled with the impact of new fuel efficiency measures on the demand side of the equation, will result in the fall of U.S. oil imports to the extent that the U.S. becomes all but self-sufficient in net terms. There has…
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