Oil and gas companies generate revenue through licensing seismic data via digital environments on AccuMap and SeismicZone
Occasionally, most of us have probably worked from home in the past but have not worked from home exclusively. And that’s been a huge transition not only for corporations but for the employees themselves. Even though our current environment may be temporary, fundamentally, it has and will continue to change how corporations do business in the future. What we’ve all experienced so far is that in some cases traditional workflows aren’t effective or conducive within online environments. Companies need to very quickly look for more digital or automated options like AccuMap and SeismicZone to help facilitate business.
We know that some employees have had issues getting through corporate firewalls, VPN restrictions and some may have information or data on physical paper or media in your corporate office or warehouse which you can’t readily access from home. Adding to the challenges is communication. In today’s environment, corporations have limited face to face interactions and shifted to conference calls and web meetings.
Seismic Paradigm Shift
As if that wasn’t enough, we continue to be in an industry paradigm shift. Companies have been forced to lay off staff in an effort to reduce costs and that will bring stretched internal resources and potential lack of expertise and knowledge to certain business functions. Last but not least, we can’t forget that even before the pandemic, the younger generation keeps pushing to get more access to information and data at their fingertips. Any of these challenges can wreak havoc on normal course of business while working from home.
But does it have to? Or can companies utilize websites and applications to not only continue the course of business but to reduce the manual and tedious processes and allow staff to focus on value-add projects. Now is the time to critically look at where it makes sense to let algorithms and programs to do the so-called “heavy lifting” and give staff the ability to engage in the workflow only when necessary.
Seismic Data Licensing Goes Virtual
In terms of seismic data licensing, we estimate that roughly 5-10% of quality control requests ever go to a sale. That statistic is probably high given the last few years in our industry. This means that your internal staff will statistically be working on licensing requests that either will never generate revenue and/or aren’t able to generate revenue due to not being able to function in the current environment.
In both scenarios, there is a loss to the company, and it probably makes more sense to introduce online automation where it can be applied.
- Instead of manually sending QI/QC sections, they can be uploaded when a request is received and viewed instantaneously on a desktop.
- Rather than manually recording transactions, they can be automated, tracked and analyzed.
- Electronic license agreements can be delivered immediately when a sale is approved.
These automated processes exist today and the most successful companies going forward will be the ones to adapt and embrace the true digital online environments and technologies early on to augment workflows and generate a higher rate of return or increased cash flow.
Seismic Data Partnership in Virtual Marketplace
The Katalyst and IHS Markit partnership positions both companies to have the largest industry seismic database in the world along with the most automated functionality. SeismicZone is the fastest growing global website where surveys are owned from multiple sources such as oil and gas companies, multi-spec and government data.
Over the course of the last couple of months, we’ve combined the Canadian IHS Mapit database with the Katalyst Canadian database, which is reflected on both AccuMap and SeismicZone.com. We continue to update that metadata to make it the best available information to the industry. Since the completion of that amalgamation, we are now focusing on our USA databases, and hope roll that out soon. The ultimate goal is to provide the best platforms for data owner to market and license their seismic assets with the best online functionality to streamline the process of licensing data as well to provide the largest data content to potential licensees to drive interest, activity and generate revenue for data owners.
Since partnering, IHS Markit has made some added enhancements to their AccuMap application, such as the QI request functionality and a link directly to SeismicZone.com. AccuMap also displays the now amalgamated database to provide their subscribers with the best industry seismic layer possible and has the ability to map, query and inspect data. Likewise, SeismicZone.com is now displaying the amalgamated database along with its current online licensing functionality.
We are scheduled to roll out additional features such as saving and printing plats along with providing the ability for companies wishing to dispose or sell their proprietary rights to their seismic data. The combination of the AccuMap application and the SeismicZone.com website enhances the overall workflows of licensing data and embraces the current work from home environment.
Watch the Demo
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