As oil and gas industry pursues resources in remote locations with
new partners, new demands placed on hydrocarbon accounting solutions
"As the oil and gas industry pursues resources in remote locations and with new partners, there have been new demands on hydrocarbon accounting solutions," according to
With changes in the way the world conducts oil and gas business, hydrocarbon accounting applications have to adjust to the new needs of their oil and gas customers. As the industry pursues resources in remote locations and with new partners, there have been new demands on hydrocarbon accounting solutions. Regional business practices and regulatory requirements are constantly changing. The introduction of unconventionals, such as shale, has led to a proliferation in the number of wells and added complexity to allocations. The pace of mergers and acquisitions means that oil and gas companies need to quickly assimilate or spin off assets. The increase in the availability of data from well tests and the potential for workers to input data through mobile devices means more volume for HCA applications to handle. Finally, oil and gas companies are starting to translate their HCA global visibility into profitability on a well-by-well basis.
With so many changes in the market, oil and gas companies are considering enhancements, upgrades, or replacement of their hydrocarbon solutions. This IDC MarketScape is intended to provide oil and gas companies with insight into the current capabilities and future strategies of HCA vendors and guidance on how to approach planning for a new HCA. Key findings include:
According to the new report, buyers are looking to their HCA to:
In addition, IDC Energy Insights suggests that buyers will also be interested in more functionality, increased scalability to accommodate multiple companies, seamless integration with multiple applications, including enterprise resource planning, land and lease, reserves management, GIS and well management, and suggests that data from hydrocarbon accounting applications may be used for visibility to profitability, forecasting, simulation, and production optimization in the future.
IDC MarketScape criteria selection, weightings, and vendor scores represent well-researched IDC judgment about the market and specific vendors. IDC analysts tailor the range of standard characteristics by which vendors are measured through structured discussions, surveys, and interviews with market leaders, participants and end users. Market weightings are based on user interviews, buyer surveys and the input of a review board of IDC experts in each market. IDC analysts base individual vendor scores, and ultimately vendor positions within the IDC MarketScape, on detailed surveys and interviews with the vendors, publicly available information and end-user experiences in an effort to provide an accurate and consistent assessment of each vendor's characteristics, behavior and capability.
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About IDC Energy Insights
IDC Energy Insights assists energy businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the utility and oil and gas industries.
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Source: IDC Energy Insights