Computer technology is nothing new in the $6 trillion global oil and gas business. For decades, energy giants like Exxon, Chevron, and Royal Dutch Shell have been running seismic records through supercomputers to figure out where to drill. Billions have been spent on high performance computing (HPC) resources to bolster oil exploration and extraction.
Atanu BasuHow Data Analytics Can Help Frackers Find Oil
Over the last year we have been talking with some of the largest oil and gas companies in the U.S. about using Prescriptive Analytics with Hybrid Data to help improve exploration and production. Many are starting to “dip their toes” into the technology. One of the things they’re recognizing is the need to factor multiple types of data that the exploration and production processes generate, including:
Images from well logs, mud logs and seismic reports
Videos from down-hole cameras of fluid flow from hydraulic fractures
Sounds from fracking collected by fiber optic sensors
Text from drillers’ and frac pumpers’ notes
Numbers from production data, artificial lifts
Atanu BasuSix Ways Prescriptive Analytics Can Improve Energy Exploration and Production
Late July 2013, news broke that the kingdom of Saudi Arabia was facing the unthinkable—a shortfall of oil export revenue. A report to the kingdom’s oil minister published on Twitter cited the rising production of U.S. shale oil as a major reason behind decreased demand.
Atanu BasuShale, Big Data and the End of Saudi Reign at the Pump
Apache Corp. is one of the world’s top independent oil and gas exploration and production companies with more than $60 billion in assets and operations in the U.S., Canada, United Kingdom, Australia, Egypt and Argentina. Apache uses thousands of Electrical Submersible Pumps (ESPs) to pull oil from reservoirs worldwide, onshore and offshore. Many ESPs fail unpredictably resulting in missed production targets. Large oil and gas companies lose tens of thousands of barrels of oil daily due to ESP failures. Foresight into the performance of ESPs is critical to preventing unscheduled downtime or performance degradation that can impact oil and gas production. Even a modest increase in ESP performance can amount to significant gains in production and revenue.