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Exploration and production, known as the upstream industry,
requires energy firms to analyze huge amounts of seismic and
geological data and to monitor and maintain offshore platforms
and other complex assets, often in high-risk environments.
In a report on how technology can be used for these tasks and
potential savings, Wood Mackenzie (Woodmac) said many firms
could spend less by buying technology and know-how from outside
of the industry.
(Potential savings in exploration: https://tmsnrt.rs/2Pivrbw)
"Start-ups that merge Silicon Valley roots and domain knowledge
... may bring benefits to companies much more quickly than
in-house approaches," it said.
The consultancy saw big savings from using technology that would
make drilling faster, more accurate and less likely to end up
with a dry well, and by using applications to predict when
maintenance would be needed.
Woodmac estimated the industry could save up to $12 billion a
year on drilling, mostly in onshore and shallow waters.
It said big savings were also available from the use of cloud
computing services, particularly for smaller firms that did not
have enough in-house computing power.
The U.S. shale industry, which uses a cocktail of high-pressure
water and chemicals to coax crude from rock deep underground,
known as hydraulic fracturing or fracking, could also offer
insights to conventional drillers, the report said.
In offshore drilling, where rig rates tend to drive costs, the
industry overall might be able to use rigs for 2,000 fewer days
through more digitalization and automation, Woodmac said.
It said average annual exploration spending of $50 billion could
be cut to about $35 billion, while still boosting the discovery
success rate to 45 percent from about 35 percent now.
In addition, it estimated the industry could save as much as $24
billion a year on operating oil producing assets through better
use of technology.
Citing examples of firms that have effectively employed new
technology, it said Norway's Equinor estimated more automation
would drill wells 15 to 20 percent faster by 2020.
Norwegian firm Aker BP had bought software engineer Cognite to
digitize its assets, and was now selling software to rivals and
sharing data, it said.
The report also said Aker had shifted from rigid maintenance
schedules to a more flexible system, while BP was using robots
and drones to inspect a platform in the Gulf of Mexico.
(Reporting by Shadia Nasralla; Editing by Edmund Blair)
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