Unconventional Strategies Informed by Cognitive AI
The landscape of unconventional oil and gas production is fragmented, with multiple players and moving parts. Unlike conventional E&P (exploration and production) operations that hold their value for decades, unconventional operations are low margin projects highly susceptible to fluctuations in price, supply chain contingencies, and changing market conditions. If money is to be made, it has to be made in a couple of years, not decades. When prices drop, unconventional wells must be shuttered, and resources reallocated until market conditions become more favorable. In a sense, unconventional projects are similar to manufacturing operations that are dependent on efficient production, choreographed supply chains, and tightly managed logistics.
AI and Expert Knowledge Increase Efficiency in Developing Resources
Unconventional reservoirs generate massive amounts of data from production operations. This data needs to be analyzed, interpreted, and shared between several disciplines, including drilling, production, and reservoir engineering. Efficient and timely analysis of this data using Beyond Limits explainable AI solutions will lead to reductions in drill times, optimized well completions, and higher production rates.
“Operators need visibility into large amounts of data to determine the optimal choices for well spacing, well completion and multistage hydraulic fracture design to maximize an unconventional reservoir’s economic indicators.”