It’s no secret that the demographics of the oil and gas industry are changing. The falling price of oil has forced companies to lay off employees in record number, including many knowledgeable industry veterans. When the market turns around and companies begin hiring again, there will likely be an even greater number of younger workers entering the oil and gas industry.
We’ve written about the Great Crew Change before and the impact it has on talent, as workers with invaluable experience retire in larger numbers. The downturn in oil prices has only heightened the implications of the Great Crew Change. Many companies have been forced to lay off valuable employees, and those remaining are often doing the work of two or more people and working longer hours.
An Ernst & Young study recently found that work/life balance is one of the biggest drivers of employee retention and Millennials are especially willing to change careers in order to achieve it. Millennials also view technology as a tool that can help improve their work/life balance. As oil and gas companies rely more and more on Millennial talent, what can they do to retain younger, tech-savvy workers?
So much of the work done at E&P companies is made up of time-consuming tasks. Let’s take planning a well, for example. A team of geologists, geophysicists, engineers, and analysts have specific jobs that include selecting an ideal site for the well, correctly drilling, and identifying completion parameters that will maximize production. The team is typically working on several software and managing multiple disparate datasets. If one aspect of the well plan changes along the way, many times the project starts over from scratch. How can an E&P company adjust their well planning process so that their employees, Millennials and otherwise, can plan and drill a productive well and still have time for dinner at home with their families, to make it to the big game on Saturday, to take a vacation?
This is where time-saving technology comes in. DI Transform is a single platform that incorporates geologic, geophysical, engineering, and analytics capabilities on a massive scale. With a single software that does it all, teams no longer have to waste time loading and exporting data between multiple software.
What about all that time spent gathering data, picking tops and building models? DI Transform offers access to an enormous amount of public data that can be combined with proprietary data to see the fullest picture possible of an area of interest. Creating a subsurface 3D model with geobodies and wellbores takes just minutes. And the patent-pending automatic tops picker in DI Transform ensures geoscientists never have to spend another hour on that tedious task.
The process of selecting an ideal well placement is also faster and easier with technology. With DI Transform, users have the ability to visualize and manage data from over 100,000 wells at once. Start large and then hone in on ideal acreage within an area of interest. With the capabilities to analyze massive amounts of data quickly, DI Transform can provide nearly immediate feedback as geoscientists explore different subsurface formations.
DI Transform also lets users quickly and easily test “what if” drilling scenarios. Dynamic models allow teams to safely try new ideas and geosteer with near real-time feedback. Developing an ideal well plan truly is faster and easier than ever with such powerful technology.
Work-life balance is possible in the oil and gas industry. As more and more Millenials are needed to fill the ranks, it will become not only a possibility, but a necessity. Technologies like DI Transform will ensure companies retain a productive – and happy – workforce.
What do you think? Leave a comment below.
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