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The world has entered an era of data-driven technologies with the advent of smartphones. These technologies with a fast-paced trend have significantly changed many aspects of life, extending from the operational manner of the e-commerce industry to the way online job interviews are vetted. In the past few years, the petroleum industry has increasingly adopted data-driven technologies to generate insights for driving better business outcomes. According to a 2018 McKinsey article (Anders and Zharkeshov 2018), with a stable backbone of streamlined operations in place, there are a number of organizations that can benefit from the enhanced productivity that digital- and analytics-driven approaches created. Yet, due to the black-box nature of some data-driven algorithms, industry experts tend to be careful with them.
Session 1: What Does Your Work Look Like in 2030? There is little doubt that digital transformation is going to change the way we do work in 2030. Transformation is expected to add billions of dollars in value, from data to modeling to contracting to health, safety, and environment (HES). Will we finally have data that is perfect and available at our fingertips? Will machines build the reservoir model, leaving petrotech experts to choose and quality control the best models?
Emmanuel Ikehi holds a BEng in petroleum and natural gas engineering (first class honours, 2015) from the Federal University of Petroleum Resources, Effurun, Nigeria. His research thesis entitled Application of Intelligent Well Completions in Optimizing Production from Oil Rim Reservoirs focused on the modeling of inflow control device (ICD) performance in oil rims. In 2013, Ikehi served as a petroleum engineering intern at the Nigerian Petroleum Development Company. His journey to the Imomoh Scholarship began in 2012 when he inspired his course mates to form an SPE student chapter. He went on to become the pioneer secretary of the newly formed chapter.
Soneye Temitope is first and foremost an African, then a Nigerian. He hails precisely from Ogere-Remo in Ogun State, Nigeria. He is the only male child in a family of five. He had his primary and secondary education at Mayflower School, Ikenne. Right from secondary, Soneye had developed a natural aptitude for Mathematics and other analytical subjects.
Decisions in E&P ventures are affected by Bias, Blindness, and Illusions (BBI) which permeate our analyses, interpretations and decisions. This one-day course examines the influence of these cognitive pitfalls and presents techniques that can be used to mitigate their impact. Bias refers to errors in thinking whereby interpretations and judgments are drawn in an illogical fashion. Blindness is the condition where we fail to see an unexpected event in plain sight. Illusions refer to misleading beliefs based on a false impression of reality. All three can lead to poor decisions regarding which work to undertake, what issues to focus on, and whether to forge ahead or walk away from a project. Strategic thinking and planning are key elements in an organisation’s journey to maximise value to shareholders, customers, and employees. Through this workshop, attendees will go through the different processes involved in strategic planning including the elements of organisational SWOT, business scenario and options development, elaboration of strategic options and communication to stakeholders. Examples are provided including corporate, business unit and department case studies. This seminar will teach participants how to identify, evaluate, and quantify risk and uncertainty in everyday oil and gas economic situations. It reviews the development of pragmatic tools, methods, and understandings for professionals that are applicable to companies of all sizes. The seminar also briefly reviews statistics, the relationship between risk and return, and hedging and future markets.