Opinion

Big Data Revolution Boosts Offshore Production


An award-winning new service which harnesses data to predict downtime and the performance of oil and gas production systems has been touted as a positive example of innovation in the sector.

By applying predictive data analysis methods already deployed in alternative industries, including aviation, predictive technology specialists Operational Excellence (OPEX) Group has worked with companies in the oil and gas sector to reduce costly critical system failures.

The data-driven approach takes information from a range of sources to understand what a “perfect day's operation” looks like.  This digital model can then be used to identify threats and emerging issues across an entire system in advance, enabling decisions and interventions to maximise production uptime.

A case study regarding OPEX's predictive analysis service is highlighted on the Efficiency Hub, industry's online gateway to initiatives that aim to improve efficiency across the UK Continental Shelf. The Hub is the flagship tool of Oil & Gas UK's Efficiency Task Force, and is led by industry for industry.

ETF Chairman Phil Simons, VP North Sea & Canada for Subsea 7, said:

“The UKCS is at the forefront of a digital transformation which is unlocking the power of data.

“The offshore oil and gas industry has a wealth of information at its disposal. Harnessing new methods and technologies to mine that information, and openly sharing the results, is good news for everyone in the sector.

“This is a perfect example of innovation in industry which promotes smarter and more effective ways of working.”

OPEX VP of Operations, Chris Ayres, said:

“Oil and gas operators have a significant opportunity to secure additional production revenue by unlocking the immense value in their operational data.

“By bridging the gap between data science and oil and gas operations, our Predictive Analysis Service, known as X-PAS™, opens up a whole new approach to operating and maintaining critical systems.   

“Each of our customers is different, but our experience has shown a typical 2-5% improvement in production and a 50% reduction in critical system outages.  With the right level of adoption, services like X-PAS™ and other digital solutions could have a substantial impact on the basin as a whole.”


Visit source site

https://oilandgasuk.co.uk/index/

UKCSUnited KingdomOffshoreProduction

More items from oilvoice


Schlumberger Announces Second-Quarter 2018 Results

Revenue of $8.3 billion increased 6% sequentially Pretax operating income of $1.1 billion increased 12% sequentially Second-quarter GAAP EPS, including charges of $0.12 per share, was $0.31 Second-quarter EPS, excluding charges, was $0.43 Cash flow from operations was $987 million PARIS , J ...

OilVoice Press - OilVoice


Posted 1 day agoPress > ResultsEarningsSchlumberger +1

Baker Hughes, a GE company Announces Second Quarter 2018 Results

Orders of $6.0 billion for the quarter, up 15% sequentially and up 9% year-over-year on a combined business basis* Revenue of $5.5 billion for the quarter, up 3% sequentially and up 2% year-over-year on a combined business basis GAAP operating income of $78 million for the quarter, inc ...

OilVoice Press - OilVoice


Posted 1 day agoPress > ResultsEarningsGE +3

Genel Energy: Receipt of Payment for KRI Oil Exports

Genel Energy plc ('Genel' or 'the Company') notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $62.33 million from the Kurdistan Regional Government ('KRG') as payment for April 2018 crude oil deliveries to the export market from the Tawke licen ...

OilVoice Press - OilVoice


Posted 1 day agoPress > Genel EnergyPaymentKRI +8

Delaying Mexico’s 2018 Bidding Rounds is a Smart Move by CNH, Says GlobalData

Following the news (Wednesday 18 th July 2018) that Mexico's hydrocarbons agency re-scheduled bidding rounds 3.2, 3.3, and onshore farm-out round for February 2019, which was originally planned for the second half of 2018, Adrian Lara, Senior Oil and Gas Analyst at GlobalData , a leading ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > GlobalDataMexicoBidding Round +2

Major Utilities Continue to Increase Spending on U.S. Electric Distribution Systems

Source: U.S. Energy Information Administration, Federal Energy Regulatory Commission (FERC) Financial Reports, as accessed by Ventyx Velocity Suite Spending on electricity distribution systems by major U.S. electric utilities—representing about 70% of total U.S. electric load—has risen 54% o ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > United StatesUSEIA +4
All posts from oilvoice