Harness Oil and Gas Big Data with Analytics: Optimize Exploration and Production with Data Driven Models

Chapter 8Production Optimization

I’ve come loaded with statistics, for I’ve noticed that a man can’t prove anything without statistics.

Mark Twain

Production optimization is predicated on facilitating a more efficient decision-making cycle. Only sound and timely judgments on tactics and strategies across the asset can ensure optimized workflows to enhance performance across the well portfolio. Thus production optimization must leverage and scale the experienced workforce and transform the methodologies to ensure collaboration. People, processes, and technologies comprise the triumvirate of effective organizational excellence. Habitual approaches to production optimization need refinement to include data-driven models.

What are some of the benefits attained through activities geared around production optimization? Reduction in unplanned shutdowns and controlled spending to reduce OPEX and CAPEX as well as exploiting more reserves and increasing the asset performance are but a few of the most important consequences.

Strategic assessment that reviews and defines the roadmap for integrated operations and digital oilfields as well as asset surveillance and alerting are underpinned by advanced analytical methodologies that can perform data management and exploratory data analysis, and operationalize predictive models running against a plethora of real-time data consumed from data historians.

Asset simulation and optimization currently employs complex numerical models to maximize ...