The best new techniques that are appearing in geoscience toolkits today make use of Machine Learning and AI technologies to analyze massive quantities of seismic data with understood geological codependences. Coincident with the rapid acceptance and deployment of these tools by major E&P companies must however come a pivot in the way that we as geoscientists approach interpretation. In this paper we focus on the new balance between human and machine roles in the interpretation of 3D seismic data.
What do the two sciences need to know about each other to deliver practical results? On the image above is a wavelet displayed to scale next to a wave-shaped building. Appreciation of scale is one of the skills critical in oil and gas AI projects. On the other side, to be a successful petroleum geoscientist in the post-COVID requires a set of very specific new skills in addition to the understanding of geologic concepts. These new skills are not normally associated with geoscience but are fast becoming critical for geoscientists to operate in an E&P environment.
Let’s face it: what really got hit badly across the oil and gas industry is the confidence of employees which comes with experience. Without confidence in what they are doing people get consumed by meaningless processes hoping they will lead them somewhere. Meaningful work is defined by building competencies which in turn provide an employee with autonomy and relevance to the common goal. What are the critical skills for a new generation of geoscientists?
For the case-study, multiple producing plays of the NE margin of South America in the Maracaibo basin and Eastern Venezuelan Basin (EVB) have been analyzed. Most of the plays have sizable remaining resources that sit in rather complex tectonic and stratigraphic settings, and have significant remaining potential as ~75% of the basin area has not been assessed or explored using modern methods.
It is overall our view that creaming curve analysis is most valuable when it discriminates between the plays and playtests, when it may indeed identify missed opportunities or even new plays when combined with as thorough an understanding of the history of the basin as possible. "Lumping" the statistics together appears not to serve this purpose, at least in predictive mode, when trying to build a new portfolio and incorporate the potential value of speculative or conceptual plays.
Basin and play exploration are inherently governed by the management of risk and uncertainty at the portfolio level. Exploration investment decisions biased by risk-averse teams are susceptible to first-order basin statistics which may reflect a historical “poor” exploration history and exhaustion of existing play concepts. New concepts, new models, new thinking, and consideration of alternatives often result in a paradigm shift despite previous negative results.
As a consequence of COVID-19, most trade shows and events planned during 2020-2021 will be virtual, which places new demands on the exhibitors. To differentiate the company or the opportunities available for sale, and to draw the attention of the event visitors, new digital offerings are required.
José Lázaro Jefe Ejecutivo de eMan para Norteamérica, explica cómo PetroXP puede ayudar desde el punto de vista tecnológico y de innovación a las compañías y cuáles oportunidades tecnológicas pudieran implementarse en la industria de Petróleo y Gas para optimizar costos, mejorar la eficiencia en operaciones, crear una mejor conectividad de los procesos y optimizar las comunicaciones?
The purpose of the survey is to collect information across different companies and geographies and help the industry in recovery after the crisis. There are many publications about how lost we became and the recognition that people want to return to a "new normal." There is an understanding that this "new normal" should reflect not only our new hygiene practices but also help us to reconnect with our lives, families, and friends, make our work more meaningful, and help us to focus on things that are important in our lives.
6X is a fully-featured, multi-component numerical reservoir simulator. The model incorporates the physics required to capture the hydraulic fracturing and production periods. Engineers can determine how fractures are created, induced, and close evaluating their impact on a well’s production and the production of neighboring wells.
These reports analyze USL48 basin oil & gas assets, operating companies, production, capex, rigs deployed, and the number of new wells brought online, looking back at the past four quarters and looking forward to the next four quarters.
The playbook for fiscal responsibility has an accepted approach in the low-price environment: cut cost. But what gets cut first, and do we cut an opportunity to grow in the future? If you could find Guyana basin today - would you? We continue to explore these questions in private conversations with C-Level Executives testing different perceptions shared behind closed doors. We hope these insights are considered to help the industry to emerge from the crisis in a better state.
Интервью во время карантина: Современные и экономически выгодные компьютерные системы включающие в себя программы, хранилище данных и способы работы с ними, разработанные и оптимизированные в 21м веке, позволяют компаниям быстро перейти на полный удаленный метод работы с максимальным экономическим успехом.
For a short course based on a module on Play-based Exploration taught for a University of Leeds (UK) MSc programme, I wanted to include a section on cognitive bias, a topic Alexei Milkov has covered extensively (Milkov, 2015; Milkov, 2017). The second paper, examining one particular corporate exploration effort, provides an opportunity to analyze one aspect of Milkov’s work (the use of “Base Rate” statistics for prognosis) and ask one or two questions, both around the use of Base Rate, and Cognitive Bias.
An example of the difference between U3 Explore and LinkedIn approach to professional networking. I use LinkedIn regularly myself following the posts of the people whose opinion I value and from whom I learn. Today on LinkedIn, I came across a simple explanation of why building a Value Network that is assembled and promoted not by paid campaigns but by our personal experiences will save us from trouble. The bottom line is that paid advertisements do not guarantee the quality of advice or service. Reference-based relationships do.
Technical expertise and business acumen have differentiated sustainable performance among E&P competitors. 2020 First Quarter earnings results evidence the pressures that face the future direction of the global E&P industry. Capital discipline strategies have reshaped the forward outlook of companies and for industry professionals uncertainty will be foremost in their thoughts. What will emerge from this period?
Most professionals in oil & gas agree that the current industry crisis is going to be deeper than any of the previous ones and that it is going to last through 2020, without any significant improvements. Industry leaders have to make bold yet calculated moves in this new business landscape. In private conversations, different perceptions are shared behind closed doors, while the public industry gatherings offer mainly promotional information. It is unlikely that this industry is going to be able to emerge from this down-cycle without having honest conversations about its current state.
The success of oil and gas production from shale plays in the U.S in the last decade has also drawn attention to the most prolific source rock of the Neuquen Basin in Argentina, which is called Vaca Muerta Formation. Today, with approximately 110 MBls/d of oil and 1 Bcf of gas production from 1400 wells, it represents 5% and 23% of the total production of oil and gas of Argentina respectively.
A sponsored project aimed at creating an accurate and reliable digital knowledge repository with information on Venezuela's oil & gas resources, validated by highly qualified Subject Matter Experts (SME's) with local and regional knowledge.
It appears that statistical models today are substituting factual business analysis in decision making. People are trying to predict all possible outcomes of their models with little control and/or understanding of the parameters that are impacting the quality and reliability of the result. Over the last four years, oil and gas companies were focused on hiring data scientists, and Geoanalytics is often called to help. Yet, mathematical modeling of the physical processes is not a new concept.
This analysis uses the data collected over March 25th- April 5th. By the digital nature of our survey, the responses are biased towards technically enabled companies and individuals that were set up for occasional remote work. We analyze 1- the overall level of the system preparedness for such an extraordinary situation when the majority of the workforce is working from home, where the entire family is streaming homeworks, videos, and videoconferencing; 2- social aspects of the remote working; 3- feedback on the support provided for remote workers and ideas on post-crisis recovery
How do we prepare ourselves for the post-coronavirus world? Will the small businesses survive this? Will the dramatic cost-cutting exercises of corporations help them re-tool for the new future or will they just return to “business as usual”?
4Q 2019 Earnings - MRO, AR, NBL, PDS, DO, NOV, AM, NBLX, DCP, E&P Super Model 2.0, MRO Case Study, Valaris fleet status report and more
Understanding origin and distribution of natural fault- and fracture patterns in unconventional reservoirs is critical for successful exploration and production. In order to validate tectonic versus non-tectonic origin, influence of pre-existing deformation and fracture distribution, we use cumulative strain as a modeling proxy in a pilot study from the Niobrara FM., DJ Basin, CO.
We all agree that an accurate and viable geologic interpretation is critical for all exploration workflows. Nevertheless, validation through balancing and restoration techniques is undervalued with often significant consequences for project outcomes. Here is why we should balance and how.
4Q 2019 Earnings - COP, NOV, PTEN, HP, CLB, PAA, MR 2020 guidance, COG update and NE Fleet Status Report
4Q 2019 Earnings - CVX, XOM, HES, CNX, HCR, CLB, RES, MMP, CNXM, EPD, Company updates - CNXM, OMP, HES, CHK, OVV and OAS
PE Update, E&P STM, 4Q2019 Earnings - OIS, BKR, HAL, SLB, Initiating coverage of Williams Companies
This report contains an exploration review of Colorado Basin, located in southeastern Argentina, it has onshore and most extensive offshore sections with more than 125000 Km2 of total extension. The basin has more than 70 years of exploration history, with a few wells drilled, one of them recovered 39º API Oil from Early Cretaceous Syn-rift sandstone. Three main plays were identified, with high exploration potential: Rift Margin Play, Continental Slope Play, and Thrust belt play.
This presentation discusses the economic and technical aspects of developing conventional versus unconventional projects. Why oil firms should take on some conventional projects rather than only unconventional opportunities. In Senegal -SNE project we use as an example to explain capital efficiencies and resource assessment approach that allowed co-ventures to proceed to FID. Permian basin development approach to identify sweet spots and enabling technologies to reduce overall development cost. This material was originally presented for Actus Veritas Geoscience in a mini-conference 2017.