The biggest opportunity to cut costs in the oil field is a data analysis process called Pump by Exception. Leading operators are embracing technology and transforming their operations to become a digital oil field. This transformation is improving production by 2% with efficiency.
“Pump by Exception” is a method that applies machine-learning techniques to prescribe recommendations as to which well sites need attention. Essentially, you are using data to match a driver with a ride, like Uber for oil and gas. The most innovative technology associates a lease operator based on geo-tagging of his or her location, skill set, and other factors – with well sites that may need attention based factors such as the potential for production loss and tank capacity limitations. This field data capture solution creates algorithms with ease to maximize production efficiency by routing field personnel to the highest priority assets based on factors such as well downtime, production deferment, tank inventory limits, compliance inspections and much more.
The use of data and automation of well information on pumps also allows oil and gas companies to perform at optimum capacity, directly impacting their bottom line. When well downtime is reduced, costs in contract labor with lease operators are reduced. There are dozens of variables that can save millions when machine learning is applied correctly.
With artificial intelligence/machine learning capabilities, leading operators are doing more with less and creating a sustainable and competitive business. By leveraging smart data analytics, big oil can now save billions by having data that’s accessible throughout an organization, not siloed by departments. By leveraging this information to “pump by exception” they are in return, seeing creating profitability with a digital oil field.
To learn more, visit www.sevenlakes.com.