Digital technologies in oil and gas upstream
In the same way that oil saturates the reservoir, data and advanced analytics are beginning to saturate the oil and gas industry. Profiting from oil and gas field development and production depends more and more on big data acquisition and processing. It's not only about processing and visualizing ex. seismic data to determine the best spots for drilling, but also about the collection and rational use of the various sets of data from a given field:
- Geophysical surveys of all scales
- Telemetry of drilling equipment, pumps and other machines at the field
- Dynamics of production
All these aim to use machine learning and optimization algorithms to increase the profitability of field development and reduce risks associated with geological uncertainties.
For example, “Smart Field” systems, which combine IoT, Big Data and AI, are entering use. There have been rumors in open sources that Smart Field technology has allowed one of the leading international oil companies to increase overall oil recovery by 10%, gas recovery by 5%, and to bring new production to wells that were previously unprofitable due to their remoteness.
However, even in the oil and gas industry you need to be able to separate the solutions that genuinely increase profitability from those that are just a pipe dream.
Topics for discussion:
• What is the main value of digital solutions in the processes of exploration and production?
• What are the main technological challenges to the monetization of artificial intelligence technologies, and where are the low hanging fruits?
• Should we standardize the oil and gas UPStream data?
• Is “Data Lake” a single AI development concept in mining enterprises? Are there alternatives?