One of the more recent technological advances to gain traction in Oil and Gas is the application of Machine Learning processes to solve geoscience problems, such as those related to trap and reservoir identification in salt basins. With ever-increasing data processing capacity and decreasing processing costs, it's only natural for oil and gas companies to adopt increasingly efficient ML applications, pushing them to the limits of what they can do. ML is here to stay from that point of view, and investment in developing and refining ML technology will only grow with time.
U3Explore is now one year old, and here are the highlights of our first year. U3 stands for Unlocked, Untold, Unfiltered stories of people with exploratory mindsets. These people have analytical and determined personalities. They like to collect information and figure out the meaning of their observations. They are proactive in preserving and communicating years of institutional knowledge in the integrated project delivery.
Many ascribe the recent successes of Machine Learning to an increase in available compute power; it is however also a result of 25+ years of intensive scientific research and experiences gleaned from the investment of time and money into understanding and correctly describing geoscience problems associated with petroleum systems that contribute wisdom to the outputs of a machine learning process. We have compiled a list of the top 10 geoscience concepts that machine learning -for all its strengths and benefits - is currently incapable of understanding.
Ten months into the virtualization experiment, it is time to analyze what we have learned so far and how we can use this experience in 2021. In October-November of 2020, the U3 Explore community conducted a survey to compare the notes on the people's experience in a virtual environment and held a panel discussion of virtual working practitioners. Today we share a quick summary of the survey results and the highlights of our hour and a half panel discussion on November 18th.
2020 is coming to an end, and it is time to reflect on it and plan for 2021. Virtual experiences have touched us all. Many of you were forced to adapt rapidly without prior experiences in virtual meetings and virtual business administration. The U3 Explore community had many private conversations on virtual business with our technology partners and found the advice we provide for each other very valuable. We want to extend the knowledge of the subject, share our experiences, and answer any questions on the best practices of the orchestration of the virtual office's business activities.
Remote Sensing Satellites are great because of its availability, cost-effectiveness, and easy to program tasks. On the other hand, in most countries, you have to go through a lengthy process to be able to take an aerial photograph (digital or analog) if you use an aircraft. This is one of the many advantages to use satellites instead of aircraft and also It is more practical from the project standpoint. But sometimes you need high-resolution imagery to perform engineering or cadastral grade work. Would it be neat to be able to do it with satellite imagery instead?
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.
An updated analysis of Conomita Fold outcrop (Barranquin Fm.) was performed using an image of a field-trip guide-book organized by PDVSA in 1993: Excursion al Frente de Montaña, Venezuela Oriental (Stop # 5). “Remote” structural analysis carried-out along this outcrop reveals the existence of several deformation episodes related to gravity-driven processes. Conomita fold appears to be a slump feature generated in a deltaic setting. Early Cretaceous rocks were strongly tilted during the Miocene-Recent tectonics phase contemporaneously to El Pilar right-lateral strike-slip fault.
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.
Este reporte describe el contenido los mapas de Anomalía de Bouguer e Intensidad Total magnética generados de los datos del Instituto Geofísico del Perú, La Agencia Nacional de Hidrocarburos (ANH) de Colombia, el Instituto Geográfico Simón Bolívar de Venezuela y Petroecuador son las instituciones responsables de las redes gravimétricas nacionales y de las Redes de Segundo Orden a lo largo de los Puntos de Nivelación y Triangulación Geodésica en cada país. Más de 72 levantamentos de diferentes datos fueron procesados e integrados regionalmente.
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.
El libro pretende dar no solo una visión condensada y sencilla de la Geología de Guayana y sus Recursos Minerales, sino un texto de consulta que informe sobre la realidad de su riqueza minera. Un texto que -al ser consultado- permita rápidamente ubicar al lector lejos de los mitos que rodean la minería en Venezuela y colocarlo frente a lo más relevante de los estudios que hasta ahora se han realizado. Un texto -en fin- de consulta fácil, concreta y libre de fantasía. Sí, la minería usualmente aparece muy sazonada con fantasía tipo El Dorado de la Colonia o El Arco Minero del Orinoco de hoy.
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 is a private initiative to recover and update the stratigraphical nomenclature based on digital validated geological resources. Why is important? The last 20 years have not been advancing in the geological and geophysical studies in Venezuela for Oil and Gas Industry. Political intervention since the Chavez Government did not invest to modernize institutions and universities, in consequence, research and advance in Geoscience knowledge have been limited inside the country.
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