Known-knowns, known-unknowns and unknown-unknowns—Donald Rumsfeld’s notable turn of phrase is an apt characterization of where we are with unconventional oil development today. Shale operators in the Eagle Ford, Permian, Bakken and other plays have transformed the U.S. into an energy superpower by profitably extracting oil and gas from tight rocks that weren’t commercially viable even a few years ago. With that backdrop, unconventional oil development today is punctuated by significant performance variations among operators with contiguous acreage positions and meager EUR rates. Unless performance keeps improving, any fluctuation in commodity prices can send shockwaves through the oil patches around the country, as we have seen happen with natural gas. How do we gain ground on the vexing “unknowns” to tilt the inherent risks involved in shale oil development in our favor?
How would the major technological transformations unfolding in other industries affect oil & gas?
Unless you have been living under a rock – no pun intended – you have experienced the buzz in today’s business media about the Internet of Things and Big Data Analytics. Some of you may have even wondered how would these macro trends impact finding and extracting more oil faster, cheaper and safer. This article explores how a technology that sits in the middle of these two trends is poised to transform oil and gas operations, with a focus on unconventional oil development.
Atanu BasuMachines Prescribing Recipes From ‘Things,’ Earth And People
Currently used to improve fracking, prescriptive analytics can not only show future outcomes, but it can also recalibrate algorithms to make better and better predictions for any industry.
Knowledge is power, according to Francis Bacon, but knowing how to use knowledge to create an improved future is even more powerful. The birth of a sophisticated Internet of Things has catapulted hybrid data collection, which mixes structured and unstructured data, to new heights…
Atanu BasuIntel and Ayata Joint Article – Prescriptive Analytics: An Adaptive Crystal Ball
As shocking as it might seem, for the first time in decades the U.S. is an energy superpower. According to the International Energy Agency, by 2016 the U.S. will surpass Saudi Arabia and Russia to become the world’s largest oil producer. But, fracking remains a suboptimum process making operators leave billions behind. Enter Prescriptive Analytics and its ability to combine insights videos, images, sounds, texts and numbers to help improve production performance from unconventional plays.
Atanu BasuWhat the Frack: U.S. Energy Prowess With Shale, Big Data Analytics