Discover how Woodside Energy enhanced its planning cycle
Woodside responds to business requests quickly and efficiently by significantly reducing their portfolio management process from weeks to days
Woodside is an independent oil and gas operator from Australia with a market cap of approximately $30 billion. Over the past three years, Aucerna and Woodside have developed a strong working relationship while implementing several planning solutions. Tasked with managing an inventory of over 200 international exploration and prospect leads of varying maturity, the exploration division at Woodside faced several data management challenges. In addition to subsurface technical work, there was a need to coordinate the efforts of cross-functional teams to determine which prospects to include in the organization’s drilling programme. Budget preparation, long term planning, performance monitoring and active portfolio management were also growing concerns for the company. To increase the efficiency of their business planning process, Woodside required a centralized data management system that was robust, reliable and accessible. Management was looking for a secure and dynamic solution that enabled them to spend more time analysing scenarios with accurate, up to date data. The solution also needed to standardize disparate modelling procedures and provide auditable version control for data verification.
Centralized Data Repository
Aucerna worked in close collaboration with Woodside to develop our life of field data management solution (Dataflow) to leverage their existing tools and streamline their processes. The solution enabled Woodside to respond to business requests quickly and efficiently by significantly reducing their portfolio management process from weeks to days. With a dynamically integrated data source, Woodside was able to continuously inform long term planning as well as perform multiscenario analysis at the asset or corporate level. Collaboration between team members was simplified and made more transparent, resulting in higher levels of data integrity.
Additional benefits of the new data management system included:
- Core prospect-level data from third party systems was combined with additional title-level data such as maps, seismic cross-sections, budget and economic data in Dataflow.
- A comprehensive suite of reports was built in Dataflow to model existing templates, allowing standardised documents to be generated in a fraction of the time.
- Portfolio and long-term planning became fully driven by Dataflow, feeding off a common data set.
- Multiple what-if scenarios could be built, leading to timely and well-informed decision making.
- Database maintained in an “evergreen state”, facilitating on-demand analysis using the latest version of approved data.
- New opportunities could be rapidly evaluated against the existing portfolio or long-term plan.
- Confidence was regained in robustness and accuracy of the planning process and methodology.
One Source of Truth
Aucerna’s data management solution provided Woodside the dynamic and collaborative platform they needed to make timely, well informed planning and business decisions. Higher levels of data integrity and accessibility enabled management to base their decisions on the latest and most accurate data.