Upstream Operator Improves Energy Efficiency and GHG Management Performance Gaps with Benefits Estimated at 48M USD/yr
Solomon’s Performance Excellence Process (PEP) helped client improve energy efficiency and create a unified way to monitor and report sustainability metrics in upstream assets.
An upstream operator lagged in comparison to peers in energy consumption and lacked a unified way to monitor and report their sustainability metrics.
Solomon applied its PEP and Best Practice Assessment to calculate EII, CEI, at three of the upstream operator’s assets and to identify, monetize, and prioritize recommendations to increase energy efficiency, lower their carbon emissions, and better report their energy consumption.
The analysis prioritized detailed energy efficiency best practices recommendations with estimated benefits of 13.4M USD/yr in noncapital initiatives. Secondly, the analysis provided GHG management recommendations with benefits based on a GHG gap of reported 200k t/yr at 100 USD/t of carbon tax—equivalent to 20M USD/yr actionable opportunity without capital.
With 30+ years of upstream benchmarking experience and the world’s largest database of upstream performance data and metrics, Solomon knows what “good” looks like for any given type of operation. The Offshore Study assesses your performance against peers and identifies cost and production improvement opportunities. The study focuses on critical KPIs, including operating cost, cost drivers, production efficiency, and uptime reliability.