EnergyIQ: Creating Information Certainty in an Uncertain E&P World

Today, oil companies are faced with many challenges including lower prices, strict regulation, high environmental exposure, and more. Companies are forced to operate with less capital while facing more competition. While exploration and production continue, one of the biggest challenges facing energy companies today is how to operate more efficiently to meet regulatory compliance, reduce environmental impact, reduce capital spend, and still produce a profit for shareholders.

Founded in 2007, EnergyIQ has led the industry in creating information certainty in an uncertain E&P world—resulting in business value growth, competitive advantage, and capital preservation. It helps E&P companies attain higher levels of efficiency and effectiveness, by acquiring, perfecting, and storing massive volumes of data, which, in turn, feed the information decision engine of these companies. By using EnergyIQ’s next generation of solutions, greater efficiencies can be gained to analyze information, supporting better and faster decisions, with lower risk. Since its formation, EnergyIQ has enjoyed steady growth in revenues, customer portfolio, successful project engagement, and delivering superior value. No other company delivers what EnergyIQ delivers, thereby placing the company in a unique position of leading the marketplace beyond hollow promises, the status quo, and the application of generic technology.

EnergyIQ brings in the most mature, proven, predictable, and cost-effective solution for information certainty in the industry. EnergyIQ does this by constantly improving its offering based upon what it learned in previous engagements, by pushing innovation to form new solutions or products, by attracting and retaining seasoned expertise, and by integrating the customers into its business every step of the way. As a result, EnergyIQ has created solution-oriented components and designed, built, tested, packaged, and delivered as a full suite of solutions that bring information certainty to an uncertain E&P world.

An E&P Expert Leading from the Front

Steve Cooper, President and Founder, has 20 years of experience in E&P information management. Dr. Cooper spent 14 years with Petroleum Information and IHS on the energy management side of the business. During this time, he held the position of CTO with responsibility for infrastructure, development, and global data accumulation systems. He started EnergyIQ to provide E&P domain and technical expertise to help companies manage their data and meet the needs of their businesses.

When EnergyIQ was started, Dr. Cooper had one goal in mind—help E&P companies realize more value from huge volumes of information to increase the return from massive investments in exploration and production. EnergyIQ has evolved by a major extent, but his goal is still the same; to provide business solutions enabled by comprehensive, complete, current, and quality data.

The Only Data Management Solution Designed for Unique Needs

EnergyIQ does not try to be everything for everyone, and is solely focused on the unique business information needs of E&P companies. This reflects in its people, its deep background in E&P, customer list, and repeated success in bringing information certainty to E&P organizations.

EnergyIQ is the only Master Data Management solution that is specifically designed for the Oil and Gas industry. Other solutions are designed as generic, or cross industry solutions that require a great deal of custom development during implementation. EnergyIQ has designed industry business process automation and data transformation as standard in its solution.

Improving Offerings by Pushing Innovation

One of the key innovations from EnergyIQ is the ‘Well Hierarchy,’ a patent pending approach to load and decipher data into multiple levels of a well: Well Origin, Wellbore, and Completion. By automatically generating this hierarchy, EnergyIQ’s solutions can easily integrate to any application or data store in the enterprise, and correctly associate information to the right component of a well.

Other innovations include:

  • Master Data Management (MDM): MDM is critical to enterprise optimization, integrating crucial data from applications across the enterprise. These data include financial, operational, geological, production, and more. EnergyIQ has invested heavily to automate the flow of information throughout the well lifecycle based on business events.
  • Data Quality Engine: All data loaded into the solution must pass through a data quality engine to validate and rate the quality of the data. This engine is preloaded with over 500 data quality rules, and is configurable to adhere to any corporate standards.
  • Data blending: Blending is the process by which multiple sources of information about the same well component are blended together to produce the ‘Gold’ record. This Gold record becomes the most trusted version of information about that well, and enables far better analytics and less risky decisions.
  • Automatic processing of directional survey information: EnergyIQ’s solution processes all directional survey information at time of load, standardizing all values in the database. This is important as surveys are often presented in different coordinate reference values. Additionally, as information about the well is changed, such as the well location, directional survey information can become inaccurate. EnergyIQ will automatically re-process survey station data, and update the preferred information at the well level.
  • EnergyIQ’s IQinsights solution is built upon today’s most innovative data technologies, and provides a single view to all well and well related data through a simple intuitive web browser portal. This IQinsights portal can be integrated into corporate portals, or run stand-alone, providing a single stop for all users to visualize and access information at their fingertips.

Scales for Small and Large Companies

EnergyIQ is leading a new wave of innovation in the back-office. Its customers are making better informed decisions, operating more efficiently, reducing overall capital spend, and leveraging investments in technology and people.

The firm’s state of the art technology is built on commercially supported infrastructure, open standards, and provides developer APIs, making it easy to integrate with existing operational and functional applications and data stores, providing a single view to all data. This reduces installation and configuration, and reduces time to value. EnergyIQ software suite is modular, and thus will scale for small and large companies and support an evolving growth strategy for many years.

Source :- The 10 Most Innovative Energy and Utility Solution Providers 2017

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