This article gives a succinct overview of artificial intelligence, its emerging opportunities, prospects, and challenges, and concludes with recommendations to accelerate the admission of AI into workflows. The term digital oil field has become a buzzword in the oil and gas industry these days, with the mention of it bringing up pictures of computers, flashy screens, and programming to mind. In reality, the concept goes beyond these. Digitalization is going to impact every industry in the next 5–10 years. The oil and gas industry needs a lot more data scientists today than a year ago, so a person with the right qualifications and experience is the need of the industry today.
This article gives a succinct overview of artificial intelligence, its emerging opportunities, prospects, and challenges, and concludes with recommendations to accelerate the admission of AI into workflows. Keeping Up With the Digital Age: What is Data Analytics all about? This interview explores the opportunities, challenges, and what young professionals need to know to have a rewarding career in drilling data analytics.
Veros Systems took top honors at a competition involving energy startups. The technical directors’ special session at SPE’s Annual Technical Conference and Exhibition presented challenges on the E&P frontier in an industry grinding through a period of deep cost reductions. How can AI systems incorporate processes mimicking the slower logic- and causality-based reasoning patterns of the left brain? R&D may be the key to the survival of companies as the new economics of the industry take hold. BHGE shared its plans for the integration of its services, products, and digital platforms for upstream to downstream applications.
BP has invested more than $100 million into nine different startup companies in the past 2 years—but only one of them wants to turn your brain into a piece of its software. A new detection and alerting methodology, validated on more than 100 North America onshore wells, blends well information and real-time data to determine a probabilistic belief system. An operator used the system to detect, predict, and alert rig crews to washouts and pump failures. Technologies are being developed that have the potential to support marine mining in all stages from prospection to decommissioning.
The objective of this case study is to describe a specific approach to establishing an exploration strategy at the initial stage on the basis of not only uncertainty reduction, but also early business-case development and maximization of future economic value. This paper focuses on compressor systems associated with major production deferments. An advanced machine-learning approach is presented for determining anomalous behavior to predict a potential trip and probable root cause with sufficient warning to allow for intervention.
A consultant examines the ways in which artificial intelligence and machine learning solutions may have a significant impact on industry operations. Various industry experts discussed the progress of an initiative led by SPE and BSEE to develop a safety data-sharing framework to help mitigate potential risk in operations. The amount of data within industry continues to grow. Information management is a significant challenge, but it provides an opportunity for improved project performance.
Total plans to start a digital factory to tap artificial intelligence in a bid to save hundreds of millions of dollars on exploration and production projects, according to an executive. Behavior-based safety is not a new concept nor is it new at Murphy Oil. But when Murphy launched its Safety Observation Program as a digital tool, it revitalized the way the culture of safety spread throughout the company. New funding for a chatbot technology, or smart assistant, represents the latest development in the Norwegian operator’s drive toward digitalization. Rapid advances in deep learning continue to demonstrate the significance of end-to-end training with no a priori knowledge.
An assortment of sustainability initiatives shows how the oil and gas industry, leveraging its reach, diversity, and resources, is going well beyond just supplying energy to impact the world for the better. The firm hopes to remedy the cost-, labor-, and time-intensive process of executing offshore projects through deployment of “Subsea Connect,” which it says can cut project development costs by 30%. The deal would raise nearly $4 billion for GE, which plans to reduce its stake in the oilfield services company from 62.5% to at least 50.1% after the transactions. It had previously announced in June its intention to sell its stake over a 2- to 3-year period. BHGE is developing an analytics and machine-learning approach that offers descriptive and predictive insights on frac hits, with the aim of eventually offering a real-time monitoring capability to be deployed during frac jobs.
The latest example of the offshore sector's march toward automated wellbore construction will take shape later this year in the North Sea. An increasingly buzzy term tossed around at industry events, “digital twin” is leveraging data analytics, machine learning, and artificial intelligence to improve efficiencies from design to decommissioning.
Fed by big data loads from big operators, a university consortium and software firm are each working to make upstream data access as quick and easy as a Google search. Oil companies generate an enormous amount of data but are reluctant to share it. But more sharing of information may be required in the future to keep up with a rapidly changing energy landscape. The Oklahoma City independent has a new-look portfolio and new operational and financial priorities. And now it has enlisted an energy research firm to leverage advanced analytics and machine learning to help get the most out of its assets.