With the continuous increase in global energy requirements, the exploration of new oil and gas fields is shifting to increasingly challenging sites. Today's exploration methods achieve only 10% success in the search for new fields, with only one of every three wells yielding commercially viable quantities of oil or gas. The need for a new approach to exploration and production is clear:
- Today, an oil field can generate 200 DVDs’ worth of data daily, and an oil engineer can spend up to 60% of her/his time mining this data.
- Today, enhanced oil recovery production accounts for only 3% of world oil production
- Today, 50,000 man hours, on average, are required to execute turnaround effort every two years on an offshore platform.
What can you do to make your organisation operate smarter?
Improve how you explore
Due to new technology and algorithms we can look forward to an 85% reduction in the time needed to analyse oil field data. This new technology allows us to integrate and process geophysical data smarter to find and analyse previously inaccessible reserves. This process is ongoing, with a spectrum of modelling, processing and visualisation driving further assessments and more accurate risk profiles.
Utilise more efficient production methods
Break throughs in production could enable a 1.5% increase in recovery from existing wells, on average, which would yield enough oil for half a year’s global consumption. Through using smarter production techniques, you can extend the lives of your oil and gas fields to achieve similar results.
Manage your assets in a smarter way
Adopting best-in-class asset management strategies can reduce asset downtime by 10%. Best-in-class asset management involves maximising asset availability and reliability to increase production rates. Through the use of improved operational intelligence you will be able to better manage your assets throughout their complete lifecycles.
Many opportunities exist for the oil and gas industry to progress through smarter exploration, production methods and asset management. Is your organisation ready to operate smarter?