The world isn’t running out of oil and natural gas. It is running out of easy oil and gas. And as energy companies drill deeper and hunt in more remote regions and difficult deposits, they’re banking on information technology to boost production.
Data, in this case, really is the new oil. “It’s pretty sweeping,” says Paul Siegele, president of the Energy Technology Company at Chevron. “Information technology is enabling us to get more barrels of each asset.”
Oil companies are using distributed sensors, high-speed communications, and data-mining techniques to monitor and fine-tune remote drilling operations. The aim is to use real-time data to make better decisions and predict glitches.
The industry term is the “digital oil field,” though the biggest companies have trademarked their own versions. At Chevron, it’s the “i-field.” BP has the “Field of the Future,” and Royal Dutch Shell likes “Smart Fields.”
Whatever these programs are called, they’ll play a huge role in the future of energy companies. The ones that are most successful at operating remotely and using data wisely will claim big rewards. Chevron cites industrywide estimates suggesting 8 percent higher production rates and 6 percent higher overall recovery from a “fully optimized” digital oil field.
The inaugura Petroleum Data Management & Analytics Summit, taking place 24 – 25 February 2014 in Berlin, is the industry forum where experts from the Petroleum sector will address how you can Optimize your well and Reservoir Management through better Data Operations, How to Handle the Big Data Challanges within E&P Operations, Tackling the Integration and Interoperability issues of Data and Information etc.