Don’t Lose the AI Race: The Top Three Problems AI Can Solve
In a previous webcast, OspreyData’s lead data scientist Dr. Venkat Putcha and Vice President of Operations Tim Burke spoke about the “Top 3 Problems AI Solves in Artificial Lift Production”. (Access a webcast replay of this here.) These problems are faced by most if not all organizations producing oil and gas with Artificial Lift. Each problem represents an excellent opportunity for significant production improvements for organizations that can engage effectively with an AI solution.
Avoiding downtime by understanding operational triggers
- The solution is somewhat simple… detect the problems earlier and faster. By doing this, the organization moves from being reactive to failures toward preventing failures, or at a minimum providing better response times to those failures, reducing down-time which increases production and subsequently, bottom line profits.
Efficiently optimizing a large number of wells
- Optimization of a large field of wells is time-consuming and usually incorporates many “rule of thumb” practices versus real well evaluation. Leveraging a combination of physics-based models and machine learning enables continuous review and allows for evaluation of the optimum operating parameters for all wells.
Accurately estimating production
- Tracking production is an essential part of well operations and by extension overall field management. A lot of production is allocated back to the wells from sales or tank levels. These are estimations that are based on stale well test data. Effective field management requires more detailed production values to asses impacts and to drive proper prioritization of scarce field resources.
These problems are very compelling reasons to move to AI-based solutions for artificial lift in oil and gas. It is important to consider that driving to a demonstrated ROI with an IoT (Internet of Things), AI (Artificial Intelligence) or ML (Machine Learning) project is not simply installing more sensors, upgrading telemetry and sprinkling in the latest and greatest analytics software. Stay tuned to learn about some solutions for these common problems faced today!
To hear about how AI can solve these problems and much more on the importance of data quality, access our webcast replay featuring Ron Frohock (OspreyData’s Chief Technology Officer) and Ken Collins (with over 25 years of experience in oil and gas services and engineering). Access this webcast replay entitled “Don’t Lose the AI Race: Why You Need a Data Quality Strategy in Oil & Gas”.