- by BethSchultz, Blogger
- 7/16/2013 4:14:23 PM
@BigEnergy, thanks for sharing... and great example in the writeup for the webinar you linked us to (is that available on demand, by the way?)
"The most successful companies are adopting predictive analytics to increase data-driven decision in near real time. A recent project on proppant optimization in a shale formation found that decreasing overall proppant 30% would only affect production by 3.5%, resulting in an average savings of $100K per well. The operator now has access to data on the optimal amount, type, mesh, and other key variables for each individual well per stage. As new data floods in, the model tunes itself to reduce variability and improve performance."
- by BigEnergy, Prospector
- 7/16/2013 11:18:26 AM
The industry is making a shift from static models of drilling and production to much more dynamic and adaptive analytics. At the same time, the pace of exploration increases (largely of unconventional resources). As a result, executives want answers in hours, not weeks. Without quality data and a flexible analytics platform, the highly analytical engineer will still miss opportunities to improve efficiency and reduce risk.
This webinar from Platts and SAS talks more in depth about challenges and opportunities. https://event.webcasts.com/starthere.jsp?ei=1016787
- by tomsg, Data Doctor
- 7/16/2013 8:38:48 AM
I think for most people safety and environmental impact are the biggest concerns with exploration. By more accuratly finding resources and then monitoring the progress, safety has been enhanced to a large degree. This is an area where analytics has had a big impact.
- by CandidoNick, Data Doctor
- 7/15/2013 6:05:08 PM
My favorite line from your entry is "the Utopian vision of fully-automated, data-driven decision making." It's humorous, but hits the nail on the head. This is an industry innately hazardous to the environment. Being careful should have been common sense.
- by jj45, Prospector