How MetaExpert Helped an Oil Company Save $654K

Situation

A major in the Oil & Gas industry in Qatar noticed they needed some hardware and inventory management upgrades. The large steam drive oil field consists of over 8,500 active rod-pumped wells. These rods are the heart of the artificial-lift system, an essential piece to the oil field. Both the pumps themselves and the entire inventory management system needed upgrades to improve output and save money.

Actions

Our MetaExpert was brought on board to implement these technical improvements as well as improve the inventory management system. VOC data was collected from the leaders at the senior and middle management levels. Our MetaExpert took the following steps:

Number of pump designs reduced from 36 to 14
Inventory dropped from 280 to 45 pumps
Pump storage locations reduced from 10 to a single centralized facility
New dedicated-pump delivery service reduced rig standby time by 13%
Optimal setting of the internal pump clearance to maximize pump run life was identified

Results

Immediate realization of financial benefits on account of reduction of rig standby time and consumption of excess inventory
Control plans were put in place to sustain the gain
Monthly monitoring of metrics was done to verify the predicted long-term improvements in pump run life

Return on Investment

By improving and reorganizing the pumps and inventory management system, our MetaExpert helped save $654,000 from cash-flow release and interest on working capital.

To learn more about what our MetaExpert can do, view his profile.

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