KPIs & Metrics
Key Performance Indicators (KPIs) are quantifiable measures that reflect the performance of an operation against its targets. In a digital oilfield, KPIs are calculated automatically from real-time and historical data, giving teams an objective basis for decision-making.
Production KPIs
Production Efficiency (PE)
Formula: (Actual Production / Maximum Potential Production) × 100%. Measures how much of the theoretical maximum you are achieving.
Example: Field potential is 50,000 bbl/d. Actual production is 46,500 bbl/d. PE = 93%. The 7% gap (3,500 bbl/d) is investigated for causes.
Deferred Production
The volume of oil or gas that was not produced due to shutdowns, equipment failures, or planned maintenance. Tracked daily and categorised by cause.
Example: This month's total deferment is 85,000 bbl. Breakdown: ESP failures (42%), planned shutdowns (28%), well testing (18%), other (12%).
Water Cut
Formula: (Water Volume / Total Liquid Volume) × 100%. Rising water cut indicates water encroachment and reduces the net oil produced per barrel of fluid handled.
Example: Well-E05 water cut has risen from 45% to 72% over 6 months, indicating breakthrough from the nearby water injector.
Equipment KPIs
ESP Run Life
Average number of days ESPs operate before failure. Target: >1,000 days. Tracking this across the field identifies reliability issues.
Mean Time Between Failures (MTBF)
Average time between equipment failures. Higher MTBF = better reliability. Tracked per equipment type (ESPs, compressors, pumps).
Mean Time to Repair (MTTR)
Average time to restore failed equipment. Lower MTTR means faster recovery and less deferred production.
Well Uptime %
Percentage of time a well is producing vs shut-in. A well with 95% uptime was shut for ~18 days per year.
Financial KPIs
OPEX/bbl
Operating cost per barrel produced
Lifting Cost
Cost to bring each barrel to surface
Revenue vs Target
Actual revenue vs budget forecast