Hart’s E&P: Enhancing Production Efficiency Through Model-based Predictive Analytics

Digitalization of the aviation, automotive and other industries has fundamentally improved the way these industries manage production by leveraging automation in the manufacturing process. Automating the process improves efficiency by enabling management by exception—that is, focusing on how to mitigate or eliminate shortcomings rather than trying to manage every detail of the operation. The digital oil field (DOF) aims to advance the way the oil and gas industry manages producing assets by leveraging automation and modeling of large volumes of real-time data to improve process efficiencies and output while reducing cost. Within the DOF, the end goal of integrated asset management is to accurately model hydrocarbon flow throughout its life cycle from the reservoir through pipelines using advanced petroleum engineering science. As in the automotive industry, automating the process can enable management by exception and make the industry more efficient—never more critical than in a low-market environment….

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