Data Analytics is progressively gaining traction as a viable resource to improve forecasts and reserve estimations in most prospective US shale plays. Part of those learnings has been tested for the reserves and resources estimation of the next worldwide top-class shale play, Vaca Muerta formation in Argentina. In this work, we rely on advanced artificial intelligence methods to automate workflows for production forecasting and reserve estimation in the Vaca Muerta formation. To achieve this goal, we develop a computational platform capable of integrating several sequential operations into a single automated workflow: (1) data gathering; (2) data preparation; (3) model fitting and forecasting and, (4) EUR estimation. As new data becomes available, each of these steps is performed automatically. The proposed platform also integrates with advanced business intelligence tools that aid at facilitating graphical interpretation and communication among specialists and decision makers. Hence, the suggested workflow can deliver production forecasts several magnitudes faster than traditional workflows while maintaining accurate and engineering sound results. Having fast and reliable forecast turnarounds allow for timely tracking key differences and commonalities among multiple shale plays to facilitate informed decision strategies in unconventional field evaluation and development.
Upward momentum in US industry operations continues to gather, as the survey conducted by the Federal Reserve for the just-completed fourth quarter of 2017 indicates. Drilling activity in US shale plays is slowing as operators encounter higher prices for labor, equipment, and services, and lower prices for the oil and gas produced.
The Mexican government continues to update its environmental regulations as authorities prepare for the first exploration and production (E&P) auction to feature blocks with unconventional oil and natural gas resources. As interest in unconventional resources has grown in Europe, so have concerns about the potential environmental impacts of their development.
The current oil and gas commodity prices have posed several challenges to oil and gas companies operating in shale plays trying to generate revenue or even becoming cash neutral. The 1996 book, Lean Thinking, introduced lean to mainstream business. Since then, lean has propelled operational excellence in construction, software development, healthcare, financial services, state government, and more.
Most shale producers in North America have given little thought to the flowback stage following hydraulic fracturing. Others have come to realize it represents a valuable opportunity to learn more about their wells. A rigorous modeling approach is developed for effective management and inventory analysis of natural-gas storage in underground salt caverns.
If you are not logged in, you will receive a confirmation email that you will need to click on to start receiving the newsletter. In the shale oil business, cash flow is a life or death issue. For smaller players, money from investors and lenders is getting harder to find. Ghawar vs. Permian Basin: Is There Even a Comparison? While some try to put the two enormous oil producers toe-to-toe, the best thing to do might be to understand why they are different.
Analysts at Rystad Energy, an oil and gas consulting and business intelligence data firm, anticipate a strong year ahead for North American shale oil producers. The global oil industry is positioned for stronger performance, reflecting the financial discipline and cost-cutting innovation driven by several years of low oil prices and the likely prospect of more stable market conditions. The global oil industry is positioned for stronger performance, reflecting the financial discipline and cost-cutting innovation driven by several years of low oil prices and the likely prospect of more stable market conditions.
Emerson will increase its foothold in the oil and gas industry with the purchase of software maker Paradigm. As the GE-Baker Hughes deal moves closer to finalization we now know who will be leading the combined company. The offshore drilling sector has taken a step towards consolidating an oversupplied market and Ensco will emerge from this most recent deal as the owner of the largest combined fleet of floaters and jackups. A Houston-based energy consultancy concludes that a series of downturn deals have contributed more to the resiliency of the US shale sector than a rise in oil prices.
Industry proponents and many leading academic institutions agree that natural gas is the safest, cleanest-burning bridge fuel. One risk in the development of this resource involves the inevitable leakage of methane. As the development of US shale plays expands to undeveloped or underdeveloped areas, the environmental issues related to surface facilities move to front and center. Operators, regulators, politicians, and the general public have become more aware of and concerned about environmental effects.