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R. Lacy Turns a Down Market into Opportunity
Technology Category
- Analytics & Modeling - Predictive Analytics
- Analytics & Modeling - Real Time Analytics
- Functional Applications - Remote Monitoring & Control Systems
Applicable Industries
- Oil & Gas
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Predictive Maintenance
- Asset Health Management (AHM)
- Process Control & Optimization
Services
- System Integration
- Data Science Services
- Software Design & Engineering Services
The Challenge
Recently, the oil and gas industry has experienced a sharp decline in prices, putting a strain on cash flows and project economics. R. Lacy Services saw this as an opportunity to acquire oil and gas assets at lower evaluations. However, the company faced challenges with inefficient data capture and data stored in multiple sources, which hindered their ability to make informed decisions. The goal was to provide decision-makers with 24/7 access to data to improve profitability and identify high-quality acquisition candidates.
About The Customer
R. Lacy is an independent oil and gas exploration and production company with core operations in east Texas. The company is known for being an efficient, low-cost operator and aims to leverage its talents to find high-quality acquisition candidates. R. Lacy focuses on making better business decisions in developing its own assets and acquiring new oil and gas properties. The company aims to provide decision-makers with granular data access to improve profitability and operational efficiency.
The Solution
R. Lacy implemented TIBCO Spotfire, a data analytics platform, to achieve its objectives. The engineering department uses Spotfire to access the data needed to maximize assets and improve overall profitability. The platform is intuitive and flexible, allowing the company to build analytics dashboards on the fly. TIBCO Professional Services were also leveraged for custom solutions and to integrate decline curve analysis into their processes. This integration helped predict future well production and identify production problems, improving the efficiency of reserves analysis.
Operational Impact
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