Serica Energy Partners with OpenText to Fuel Operational Excellence

Rhea-AI Summary

OpenText™ (NASDAQ: OTEX, TSX: OTEX) announced that Serica Energy, a leading British upstream oil and gas company, has chosen OpenText Content Cloud™ and Extended ECM for Engineering™ to enhance its operational efficiency. This strategic move aims to streamline engineering information management, work processes, and risk control across project lifecycles and operations.

Serica Energy, one of the UK's top ten oil and gas producers, will leverage OpenText's cloud-based content management solutions to boost productivity, optimize processes, and ensure compliance with health, safety, security, and environmental requirements. The adoption of these solutions will enable Serica to expand its portfolio, maximize asset value, and contribute to the energy transition.

The partnership with OpenText will help Serica overcome limitations in documentation controls and functionality, significantly enhancing operational efficiencies and reducing risk in managing asset operations. This collaboration supports Serica's growth phase and capital projects planned until 2035 and beyond.

Positive

• Serica Energy, a top ten UK oil and gas producer, adopts OpenText solutions for improved operational efficiency
• Partnership aims to streamline engineering information management and reduce operational risk
• OpenText solutions will support Serica's growth phase and capital projects until 2035 and beyond
• Integration with current business application systems ensures a single source of truth across the enterprise

Negative

• None.

Insights

Technology Analyst

Serica Energy's partnership with OpenText marks a significant upgrade in their information management capabilities. The adoption of Content Cloud and Extended ECM for Engineering addresses critical operational challenges in document control and accessibility. This move is likely to yield substantial benefits:

• Enhanced operational efficiency: Streamlined access to up-to-date engineering documents could significantly reduce project delays and improve asset uptime.
• Risk mitigation: Improved document control processes will help minimize errors and ensure compliance with safety regulations.
• Future-proofing: The platform's ability to integrate with existing systems and potential for AI incorporation positions Serica well for future technological advancements.

While this partnership doesn't directly impact Serica's revenue, it lays a strong foundation for operational excellence and cost savings, potentially improving profitability in the long term. For OpenText, securing a top-10 UK oil and gas producer as a client reinforces its market position in the energy sector.

Oil and Gas Industry Expert

Serica Energy's investment in advanced information management is a strategic move in the competitive upstream oil and gas sector. Key implications include:

• Competitive advantage: Enhanced operational efficiency could lead to faster project completions and potentially lower operating costs, important in the volatile oil market.
• Regulatory compliance: Improved document control aligns with stringent industry regulations, potentially reducing legal and operational risks.
• Energy transition readiness: The flexibility of the new system could support Serica's adaptation to changing energy landscapes, including potential diversification into renewables.

This partnership reflects a broader industry trend towards digital transformation. As the energy sector faces pressure for both efficiency and sustainability, such technological investments are becoming increasingly critical. For Serica, this could translate to improved asset value and operational resilience in the long term.

Upstream oil and gas company uses OpenText to streamline engineering information and accelerate time to completion while reducing risk

WATERLOO, Ontario, Aug. 19, 2024 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX), (TSX: OTEX) today announced that Serica Energy, an independent British upstream oil and gas company with operations centered on the UK North Sea, has selected OpenText Content Cloud™ and OpenText Extended ECM for Engineering™ as strategic solutions to efficiently control engineering information, work processes, and risk across the lifecycle of projects and operations, while accelerating operational efficiencies.

Serica Energy is one of the top ten oil and gas producing companies in the UK, making a vital contribution to the country's security of energy supply. By adopting OpenText's cloud-based content management solutions, Serica Energy will boost productivity and optimize processes, while complying with health, safety, security and environmental requirements – enabling the organization to expand and diversify its portfolio, maximize asset value, and play its part in the energy transition.  

Information management is critical to Serica's operations. The organization relied on SharePoint to store and control complex engineering documents and work processes, from maintenance programs and contracts to safety and inspection reports, and end-to-end project plans. With ever-increasing documentation requirements across its operations, Serica's SharePoint environment became insufficient. Document control processes were manual and labor intensive, and the impact of accessing incorrect versions would be catastrophic. Serica identified the need to migrate its SharePoint environment with an information management solution to ensure easy accessibility and a single source of truth for all documents.

"As Serica Energy enters an exciting phase of growth, it's critical that our asset information is easily accessible, useable, reliable, secure and governed," said Malcolm Gordon, Information Management Lead at Serica Energy. "OpenText will enable us to remove limitations on documentation controls and functionality, allowing us to significantly enhance operational efficiencies and reduce risk in managing asset operations, while leading capital projects planned until 2035 and beyond."

Serica chose Content Cloud – a composable platform that connects people to content, when and where they need it – because of its proven track record in helping organizations across the energy sector and other asset-intensive industries gain control over asset content to work smarter. Enhancing information management across the organization will enable Serica to unlock major time savings and greater productivity to complete projects on time, improve asset uptime, and mitigate operational risk. An additional benefit valued by Serica is the deep integration of the solution with its current business application systems, ensuring a single source of truth across the enterprise. 

"Energy companies are under intense pressure to deliver more reliable and sustainable energy without compromising the health of their employees, the safety of the communities they serve, or the environment in which they operate," said Muhi Majzoub, EVP & Chief Product Officer at OpenText. "More than 75% of the top 100 energy and engineering organizations rely on OpenText for enterprise information management to achieve operational excellence through improved collaboration, reduced operational risk and secure, seamless access to engineering drawings and other asset content."

Leveraging Extended ECM for Engineering enables Serica to gain quick access to correct and up-to-date engineering and process documentation. By efficiently controlling engineering information, work processes, and risk, Serica can accelerate business value and deliver positive experiences – from its engineers to its end users.

With Content Cloud, Serica Energy has the foundational component to take the next step in its information management journey by incorporating the power of generative AI and OpenText Content Aviator to its business processes to further boost employee productivity in the field and in the back office to keep energy flowing safely.

Learn more about OpenText Content Cloud and OpenText Extended ECM for Engineering.

About OpenText 

OpenText™ is the leading Information Management software and services company in the world. We help organizations solve complex global problems with a comprehensive suite of Business Clouds, Business AI, and Business Technology. For more information about OpenText (NASDAQ/TSX: OTEX), please visit us at www.opentext.com.

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Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.

Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents.

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SOURCE Open Text Corporation

FAQ

What solutions has Serica Energy chosen from OpenText (OTEX)?

Serica Energy has selected OpenText Content Cloud™ and OpenText Extended ECM for Engineering™ as strategic solutions to efficiently control engineering information, work processes, and risk across the lifecycle of projects and operations.

How will OpenText (OTEX) solutions benefit Serica Energy's operations?

OpenText solutions will help Serica Energy boost productivity, optimize processes, comply with regulatory requirements, expand its portfolio, maximize asset value, and contribute to the energy transition. They will also enable quick access to correct and up-to-date engineering documentation.

What challenges was Serica Energy facing before partnering with OpenText (OTEX)?

Serica Energy was facing limitations with its SharePoint environment, including manual and labor-intensive document control processes, and the risk of accessing incorrect versions of critical documents. These issues were insufficient for managing the increasing documentation requirements across its operations.

How does OpenText (OTEX) Content Cloud benefit energy companies?

OpenText Content Cloud helps energy companies gain control over asset content, enabling them to work smarter, unlock time savings, improve productivity, complete projects on time, improve asset uptime, and mitigate operational risk. It's used by over 75% of the top 100 energy and engineering organizations.