In enhancing its Intellectual Capital, EDC is focused on integrating a Company-wide IMS certification, along with sustained engagement and participation from all employees. We are also gearing our initiatives toward best-in-class geothermal resource development and management through the effective use of data and technology, coupled with industry best practices in asset management.
We established a risk-based Well Asset Management Framework for proper resource allocation, prioritization of projects and activities, and protocols for operating critical wells. This framework enabled us to reduce risks and ensured the steady availability and reliability of our wells.
Through investments in purpose-driven innovation, we leveraged the latest tools, automation, and digitalization, for immediate intervention. Our teams developed an analytics model for event prediction and accurate forecasting of steam flow. As a result, we minimized well outage, opportunity loss in tubing blockage, and the cost of monitoring discharge by improving its electricity dispatch.
Our well monitoring dashboard powered by automated data analytics also enabled the Company to improve its manpower allocation, shifting the focus from data gathering to analysis. This led to more efficient decision-making and proactivity in solving well issues.
Through alternate technologies, EDC generated an estimated savings of PHP 7 million per year on the fleetwide silica inhibitor requirement. This cost efficiency provided the Company with more flexibility in resource allocation which enhanced operational systems and employee welfare.