What does IWIS mean in UNCLASSIFIED

IWIS stands for Intelligent Well Interface Standardisation. It is a technology and engineering standard developed to improve the performance of drilling and production operations in oil and gas wells.

IWIS provides operators with a standardised platform that allows for greater efficiency, accuracy, and reliability when it comes to monitoring and controlling the activities of the well. This enables operators to optimize their time and resources while ensuring that they are adhering to industry-standard safety protocols.

By utilizing IWIS, operators can save time, money, and energy by streamlining their operations; gain access to real-time data; collect more accurate data; reduce operational risks; maintain compliance with regulations; increase operational uptime; enhance operational safety; as well as improve overall performance.

IWIS is used by a variety of businesses in the oil & gas industry including exploration companies, production companies, service providers, equipment manufacturers, E&P software developers etc., who need advanced real-time process control solutions for their operations.

The main disadvantage of using this technology standard is its cost - as it requires significant upfront investment due to its complexity which neither small nor large producers have enough capital available for investing into such systems but being highly beneficial in long run this cost should be considered in balance sheet or through financing options rather than stopping investments on technologies which offer better ROIs in long run.