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?
For any pioneer, the future holds great promise and great mystery. Solving mysteries often requires overcoming challenges before the rewards can be fully realized. But what if a pioneer was given a time machine that allowed him to glimpse into the future before returning to the present? That pioneer would likely use that knowledge to prevent the hurdles in his way and to discover even greater resources he might otherwise have missed, allowing him to potentially reap greater rewards.
Amy LoganScience Fiction Now A Fact In The E&P World
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