Greenlake Energy (Greenlake) is a recently formed startup energy company focused on producing responsibly sourced hydrocarbons, alternative energy, and emerging energy technology. Founded by former Parsley Energy executives with a track record of successfully starting and scaling oil & gas operations, Greenlake set out from day one to become a digital operator of the future that leverages data to sustainably grow with a lean and nimble team.
Even as the company spudded its first well, Greenlake wanted to future proof operations with cloud-based, best-of-breed field operations technology for capturing field data and managing production accounting at scale. Greenlake tapped Stonebridge Consulting to guide its technology selection and position the company to meet its growth objectives.
Opportunity
Armed with the right digital technologies and software, Greenlake wanted to optimize well production, ESG, and lease operator utilization and establish operate-by-exception operations as a core discipline. Key to Greenlake’s goal of a modern, low cost operator include:
- Enable adoption of cloud first, emerging technology solutions with a vendor agnostic data strategy.
- Build a foundation of best-of-breed, trusted technology partners from within and outside the oil & gas software ecosystem.
- Advance operational excellence with modern digital workflows and operate-by-exception field operations.
- Enable rapid onboarding of M&A assets or divest with technology built for scale and agility.
- Optimize both free cash flow and carbon footprint through transparency and social stewardship.
Solution
Greenlake selected Stonebridge’s EnBalance advisory to guide its technology selection and position the company to meet its growth objectives. The culmination of years of energy volumetrics experience and encompassing exhaustive knowledge of available software in the market, EnBalance provides a proven playbook of field data capture, SCADA, and production accounting best practices, reusable project IP, and process accelerators. Backed by deep industry experience, data quality tools, and project methodologies, the all-inclusive EnBalance service enables Stonebridge’s clients to navigate business complexity from mergers and acquisitions, software implementations or migrations, and change management.
Stonebridge’s EnBalance team managed Greenlake’s volumetrics software vendor selection process from requirements and evaluation through software demonstration and final vendor recommendation based on scorecards, external factors, and cost analysis.
Approach
Stonebridge worked closely with Greenlake stakeholders to identify current data quality gaps and business requirements for systems and processes. Leveraging its comprehensive knowledge of volumetric software, the team narrowed down potential solutions to four vendors that could meet Greenlake’s business needs and created a request for proposal (RFP) that included requirements and open-ended questions. Stonebridge then served as the point of contact for each vendor as they responded to the RFP, finally generating a quantitative report based on RFP responses.
Having generated a short list of potential field data capture and production accounting vendors, Stonebridge’s EnBalance team created process focused demonstration agendas to allow Greenlake to see how the system can support their specific and unique needs. It also coordinated demonstrations with the chosen vendors and worked with Greenlake stakeholders to score the vendors based on ability to meet business requirements, usability, and field operations workflows. Throughout the process Stonebridge created scorecards for each session, evaluated demonstration responses, and conducted reference checks for contacts listed in RFPs.
The volumetric software vendor selection process culminated in validation of vendors based on the RFP response, demonstration scorecard, total cost of ownership, and viability. Stonebridge then presented Greenlake with the recommended vendors that best match its business needs, enabling it to run 100% of its operations on the cloud through technology partnerships and position it for growth with automation and data driven workflows. Stonebridge’s EnBalance advisory also provided Greenlake with a high-level work plan to implement each solution, including timelines, estimated costs, and a resource plan.
Quotable Quotes
- Our goal is to really lay the foundation for a modern, data-driven operator running 100% on the cloud and Stonebridge came into this process putting incredible horsepower into what we are setting out to achieve.
- As a lean and fast moving team, Stonebridge added tremendous value by really taking the reins with our production accounting, SCADA, and field data capture technology selection, providing a robust framework for working together and communicating strong transparency to vendors.
- Greenlake has been a digital first adopter looking to sidestep many legacy application challenges that hold companies back and Stonebridge has been invaluable in expertly guiding us to a 100% cloud-based approach that has set us up for growth and low cost operations.
- When it comes to our technology selection, Greenlake is seeking partners not just solutions and challenging the status quo. Stonebridge did all of the heavy lifting for my team, expertly guiding us through software assessments, providing scorecards, and guiding us to the right place, all while being mindful of competing priorities.
– Rob Hembree, VP of Technology, Greenlake Energy