Article Written By: Jacoby Garcia, Director of Sales, RigData
Part 3 of 3
The market intelligence needs of the Oilfield Service Industry requires reliable information about activities that start with drilling the well. Knowing the current location, spud date, drill progress and expected release date of a drilling rig have shown to yield obvious commercial value to numerous upstream industry participants. For operators, market intelligence contributes to the insight into what the supply/ demand situation will be for rigs for an operator as they assess the drilling program and their various options for contracting equipment; term, spot or now the very rare turnkey. For the Oilfield Service companies, this same market intelligence provides them with leads to capture revenue for the services that are required to drill the well and complete it.
However another component that contributes to the commercially usable value of RigData’s rig location solution is RigData often details that rigs future commitment(s). RigData provides in several of our products the future location associated to a specific drill rig noted as PREP. PREP indicates when that rig is either assigned to work or has a next location identified by us with a planned spud date. This may be days out to weeks out, but when combined with the information from the permit, our subscribers can capitalize on the benefit of this foresight identifying the operator, the driller, location and combined with their previous knowledge provide of that rigs’ configuration, power supply, HP and other attributes, this subscriber can formulate commercial opportunities into what that next well or several next wells will likely involve and potentially yield in revenue producing opportunities for them.
Along with the value presented in tracking the ‘life of the well’ there is a corollary for many subscribers in the service industry and with operating companies in knowing the ‘life of the rig’ and RigData seeks to meet this need with the most accurate data possible.
It All Starts With That Permit
