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ARC has been opining for many moons now that IIoT enabled solutions (i.e. analytics, advanced software, communications, etc.) can play a major role in optimizing production, optimizing the performance of and asset life cycle of rotating equipment such as pumps, compressors, and turbines, and other operational benefits as well as enhance collaboration within companies and the larger ecosystem that comprises many upstream oil & gas projects. However we have not spent as much time focusing on how tools such as machine learning can play a role in drilling optimization and intelligent completions.
Extracting hydrocarbons from unconventional reservoirs using horizontal drilling and multi-stage fracking is more complex and generates more data than traditional E&P activities. Multi-zone fracking has been one of the key approaches to unlocking traditionally stubborn onshore unconventional formations. At today’s low oil prices, owner-operators, independents and investors are no longer able to maximize their competitive advantage using conventional approaches or “this is how we have always done it” mindset. They realize now that they must be open to greater automation and new technologies that help them maximize the “big data” that has existed well before there was “Big Data”. ARC has written previously on the importance of petro-technical data integration (PTDI) and how companies in oil gas can turn data into actionable information.
After reading this interesting article it became even apparent to me that ARC needs to make more time to investigate more on the other areas in which IIoT enabled solutions such as machine learning and advanced analytics can help owner-operators and independent E&P players improve their ROP and time to total depth, reach first oil faster, lower their cost of boe, increase production, increase operational visibility, agility and flexibility as well as improve collaboration amongst employees and related stakeholders that comprise the larger ecosystem in most projects today. ARC believes strongly that, despite some opinions to the contrary, the time is NOW for IIoT enabled solutions to shake-up the oil & gas value chain since companies must take actions to produce hydrocarbons in the new world at between $60-$80 per barrel over the next few years. The owner-operators, independent E&P players and related stakeholders will benefit if they can lower costs to protect IRRs and the consumers of cheaper oil & gas will benefit at the pump and at the plant with cheaper feedstock.
Extracting hydrocarbons from unconventional reservoirs using horizontal drilling and multi-stage fracking is more complex and generates more data than traditional E&P activities. Multi-zone fracking has been one of the key approaches to unlocking traditionally stubborn onshore unconventional formations. At today’s low oil prices, owner-operators, independents and investors are no longer able to maximize their competitive advantage using conventional approaches or “this is how we have always done it” mindset. They realize now that they must be open to greater automation and new technologies that help them maximize the “big data” that has existed well before there was “Big Data”. ARC has written previously on the importance of petro-technical data integration (PTDI) and how companies in oil gas can turn data into actionable information.
After reading this interesting article it became even apparent to me that ARC needs to make more time to investigate more on the other areas in which IIoT enabled solutions such as machine learning and advanced analytics can help owner-operators and independent E&P players improve their ROP and time to total depth, reach first oil faster, lower their cost of boe, increase production, increase operational visibility, agility and flexibility as well as improve collaboration amongst employees and related stakeholders that comprise the larger ecosystem in most projects today. ARC believes strongly that, despite some opinions to the contrary, the time is NOW for IIoT enabled solutions to shake-up the oil & gas value chain since companies must take actions to produce hydrocarbons in the new world at between $60-$80 per barrel over the next few years. The owner-operators, independent E&P players and related stakeholders will benefit if they can lower costs to protect IRRs and the consumers of cheaper oil & gas will benefit at the pump and at the plant with cheaper feedstock.