Upstream Digital Oil & Gas: Opportunities Galore
Data: A Natural hero
The whole game of upstream is all about identifying prospects rich in hydrocarbons that can be explored, drilled, developed, produced and abandoned in a profitable way. At each stage there are plenty of data but still with many unknowns, uncertainties, risks that makes the whole game interesting.
Naturally data is the hero here!
Any thing that throws light on these grey areas is most welcome in making the endeavour a bit more manageable... be it in identifying the size & shape of reservoir to the number of wells to be drilled and optimized to how much more crude can be extracted with enhanced Oil Recovery (EOR) techniques.
Small Changes, Big difference!
Small Changes can lead to Big difference in major revenue generation with the aid of digital tools. They clearly identify and pin point where the opportunities are and what levers needs to be engaged in realising the benefits. Data analytics and Artificial intelligence (AI) tools such as Exploratory Data Analysis (EDA), Artificial Neural Network (ANN), Fuzzy Logic (FL), Genetic Algorithms (GA) etc play a big role here.
$ is Where The Data is !
Consider a reservoir that has a recovery factor of say 45% of crude oil producing at the rate of 25,000 barrels of crude oil per day based on the data and analysis with the traditional tools. O&G is one of the sophisticated areas where existing tools & techniques plays a brilliant role in locating and getting out the oil from the ground.
Now, If the big data tools such as data analytics and suite of Artificial Intelligence could improve the performance by even a smallest percentage, say 1% recovery would result it in huge benefits
This one percentage of increased recovery translates into 250 Barrels a day of additional crude which is equal to about 85,000 Bbls per annum translating into a whooping US $ 6 Million per annum in additional revenue.
You will agree now why Data is called the "New Oil"
Opportunities Galore!
Be it the geological and seismic surveys in the exploration phase to identifying possible hydrocarbons resources followed with exploratory wells, the datas available are plenty that can subject to data analytics in addition to the formal suite. Reservoir management and Simulation, Production and Drilling Optimisation, Real-time Drilling, Facility maintenance, Predicting the unplanned downtime (Non productive time) are some of the areas actively being pursued.
Who Makes the Difference?
Indeed, all of us! Trained O&G expert with keen interest on analytics can add real value but thats not enough to get you to the goal post. Definitely we need all sort of experts here to attack the data right from the rigger in the offshore to the CEO in the corporate office. Every space has huge data awaiting to be explored, drilled and refined into Petro-$
Talk to you soon on harvesting these millions & billions with the digital craft.