Predictive Analytics for Oil & Gas Group... · 2018-04-30 · Corvelle Consulting 4/27/2018...

Corvelle Consulting 4/27/2018

Predictive Analytics for Oil & Gas 1

Corvelle Drives Concepts to Completion

Predictive Analyticsfor Oil & Gas

<Event Name>

1 Corvelle Drives Concepts to Completion

Yogi SchulzBiography

Founder at Corvelle Consulting

Information technology related management consulting

ITWorld Canada columnist & CBC Radio guest

Former PPDM Association board member

Industry presenter:– Project World - 6 years

– PMI – SAC - 10 years

– PMI - Information Systems SIG - 2 years

– PPDM Association - many years

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PresentationOutline

Predictive Analytics

Upstream oil & gas industry use cases:– Reducing exploration risk

– Creating development scenarios

– Controlling drilling & completion costs

– Improving production operations

– Evaluating acquisition & divestiture opportunities

Recommendations

Discussion


Learning Outcomes

Understand predictive analytics

Explore how predictive analytics adds tangible value in oil & gas industry

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PREDICTIVE ANALYTICS


Definition: Predictive Analytics

Predictive analytics encompasses a variety of statistical techniques such as predictive modeling, machine learning, and data mining to analyze current and historical facts to make predictions about future or unknown events

Predictive analytics exploits patterns found in historical and transactional data to identify risks and opportunities

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Currentdata

Historicaldata

Futureforecast




Predictive Analytics are Superior


Predictive Analytics Value Chain

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QualityData

BusinessRules

Value-basedDecisions

CorporateObjectives

PredictiveAnalytics

Corvelle Drives Concepts to Completion 9

“Why the change? Well, I could seewhere the future was going . . .”


REDUCING EXPLORATION RISK

Upstream oil & gas industryuse case

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Corvelle Drives Concepts to Completion 11 Corvelle Drives Concepts to Completion 12




You may haveover-simplified ourexploration program

somewhat.

Go out to the field

Find some oil & gas

Drill a deep hole


CREATING DEVELOPMENT SCENARIOS


15 Corvelle Drives Concepts to Completion 16





“I collected optimistic seismic data,placed it in the context of shaky well logs,and seasoned it with a wild permeability estimate . . . ”

“. . . added herd instinct,a pinch of price bias . . .and here’s your drilling plan.”


CONTROLLING DRILLING & COMPLETION COSTS







Where’sSam the robot

going now?

I dunno.I’ve lost control

over him!

His artificial intelligenceis increasing in power.

He’s becomingan autonomous robot!


At the moment,he’s trying to flirt

with a vending machine!

There’salways more

to learn.


IMPROVING PRODUCTION OPERATIONS

Upstreamoil & gas industryuse case






SAGD - Oil, Water and Steam Analysis


“Let’s say you want to add a million BOEto your production forecast,

. . . You just push this button here.”


EVALUATING ACQUISITION & DIVESTITURE OPPORTUNITIES




You need a dashboardto track your keyproducing asset

performance metrics. That way you’ll havemore data to ignore

when you makeacquisition decisionsbased on company

politics!




Conclusions

Various datastores organize oil & gas data

Data analytics software summarizes vast data volumes

Predictive analytics software identifies insights in data

Analytics software is vastly superior to Excel


Recommendations

Communicate predictive analytics benefits

Use predictive analytics software to:

– Improve communication

– Increase return on assets

– Reduce the risk of unprofitableinvestments

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Questions & Discussion

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Can you help us improve our

Predictive Analytics?Pleasefill out

evaluationform


Predictive Analytics for Oil & Gas

Corvelle Consulting

300, 400 - 5 Ave. S. W.

Calgary, Alberta T2P 0L6

Phone: (403) 860-5348

E-mail: [email protected]

Web: www.corvelle.com

Yogi SchulzFounder at Corvelle Consulting

Information technology related management consulting

ITWorld Canada columnist

Industry presenter

PPDM Association member

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Corvelle Bibliography- 1

Analytics time has come, so learn how your business can unlock the value – http://www.itworldcanada.com/blog/analytics-time-has-come-so-learn-how-your-business-can-unlock-the-

value/394348

Analytics trends for 2016– https://www.corvelle.com/analytics-trends-for-2016/

Big data is useless without visual analytics – http://www.itworldcanada.com/blog/big-data-is-useless-without-visual-analytics/386943

Business Intelligence – experiencing more hype than value?– http://www.corvelle.com/business-intelligence-experiencing-more-hype-than-value/

Business value of data modeling– http://www.itworldcanada.com/blog/business-value-of-data-modeling/380574

Can visual analytics be the savior of the oil and gas industry?– https://www.corvelle.com/can-visual-analytics-be-the-savior-of-the-oil-and-gas-industry/

Channeling the cynicism of BI practitioners– http://www.itworldcanada.com/blog/channeling-the-cynicism-of-bi-practitioners/389882


Corvelle Bibliography- 2

Do you need big data big results?– http://www.corvelle.com/do-you-need-big-data-for-big-results/

How Project Management is Shaping the Future Of Visual Analytics– https://www.corvelle.com/how-project-management-is-shaping-the-future-of-visual-analytics/

Is data modelling really dead?– http://www.corvelle.com/is-data-modelling-really-dead/

Is your company data-driven? – http://www.itworldcanada.com/blog/is-your-company-data-driven/385732

What data can’t be expected to do – http://www.itworldcanada.com/blog/what-data-cant-be-expected-to-do/389498

Why you need visual analytics– http://www.corvelle.com/resources/articles/it-world-canada/why-you-need-visual-analytics/

The winning business case for business intelligence – https://www.itworldcanada.com/blog/the-winning-business-case-for-business-intelligence/395931

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http://www.itworldcanada.com/blog/analytics-time-has-come-so-learn-how-your-business-can-unlock-the-value/394348

https://www.corvelle.com/analytics-trends-for-2016/

http://www.itworldcanada.com/blog/big-data-is-useless-without-visual-analytics/386943

http://www.corvelle.com/business-intelligence-experiencing-more-hype-than-value/

http://www.itworldcanada.com/blog/business-value-of-data-modeling/380574

https://www.corvelle.com/can-visual-analytics-be-the-savior-of-the-oil-and-gas-industry/

http://www.itworldcanada.com/blog/channeling-the-cynicism-of-bi-practitioners/389882

http://www.corvelle.com/do-you-need-big-data-for-big-results/

https://www.corvelle.com/how-project-management-is-shaping-the-future-of-visual-analytics/

http://www.corvelle.com/is-data-modelling-really-dead/

http://www.itworldcanada.com/blog/is-your-company-data-driven/385732

http://www.itworldcanada.com/blog/what-data-cant-be-expected-to-do/389498

http://www.corvelle.com/resources/articles/it-world-canada/why-you-need-visual-analytics/

https://www.itworldcanada.com/blog/the-winning-business-case-for-business-intelligence/395931




Bibliography- 1

The Evolution of Analytics– Opportunities and Challenges for Machine Learning in Business– Patrick Hall, Wen Phan, and Katie Whitson, O’Reilly– https://www.sas.com/content/dam/SAS/en_us/doc/whitepaper2/evolution-of-analytics-108240.pdf

ExxonMobil VP Stresses Value Of Geophysical Data– Velda Addison, Senior Editor, Digital News Group Hart Energy September 28, 2017– https://www.epmag.com/exxonmobil-vp-stresses-value-geophysical-data-1660357

Here is How Big Data is changing the Oil Industry– Deena Zaidi, October 4, 2017 – http://www.datasciencecentral.com/profiles/blogs/here-is-how-big-data-is-changing-the-oil-industry-1

Mergers and Acquisitions for 2014– Nate Richards, November 26, 2013– http://www.entranceconsulting.com/2013/11/26/mergers-acquisitions-decrease-integration/


Bibliography- 2

Predictive Analytics Takes a Victory Lap– William Vorhies, October 10, 2017– http://www.datasciencecentral.com/profiles/blogs/predictive-analytics-takes-a-victory-lap

Stop Using Excel, Finance Chiefs Tell Staffs– Tatyana Shumsky, WSJ, November 22, 2017 – https://www.wsj.com/articles/stop-using-excel-finance-chiefs-tell-staffs-1511346601

10 Things I Hate About Subsurface Data Management– Coy Dean, June 11, 2015 – https://www.linkedin.com/pulse/10-things-i-hate-subsurface-data-management-coy-dean/

Uncertainty Considerations for Development Planning Type Curves– SPE Workshop, September 26, 2017– http://www.verdazo.com/wp-content/uploads/2017/10/Uncertainty-Considerations-for-Development-

Planning-Type-Curves.pdf

VisualBI– http://visualbi.com/portfolio/oil-and-gas-dashboards/

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Analytics Maturity Models

Analytics Landscape – Jean Francois Puget, 21 September 2015 – https://www.ibm.com/developerworks/community/blogs/jfp/entry/Analytics_Models?lang=en

INFORMS Analytics Maturity Model – Determine how well your organization uses business analytics to improve performance– https://analyticsmaturity.informs.org/?cm_mc_uid=53679767957115055687159&cm_mc_sid_50200000=1505568715

IT Score Overview for BI and Analytics– Cindi Howson, Alan D. Duncan, 24 September 2015, Gartner– https://www.gartner.com/doc/3136418/itscore-overview-bi-analytics

A maturity model for big data and analytics– Chris Nott, 26 May 2015, Client Technical Leader, IBM UK Ltd.– http://www.ibmbigdatahub.com/blog/maturity-model-big-data-and-analytics

Talent Analytics Maturity Model – http://www.bersin.com/Lexicon/details.aspx?id=15302

TDWI Analytics Maturity Model and Assessment Tool– How mature is your analytics program?– https://tdwi.org/AMM?cm_mc_uid=53679767957115055687159&cm_mc_sid_50200000=1505568715

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https://www.sas.com/content/dam/SAS/en_us/doc/whitepaper2/evolution-of-analytics-108240.pdf

https://www.epmag.com/exxonmobil-vp-stresses-value-geophysical-data-1660357

http://www.datasciencecentral.com/profiles/blogs/here-is-how-big-data-is-changing-the-oil-industry-1

http://www.entranceconsulting.com/2013/11/26/mergers-acquisitions-decrease-integration/

http://www.datasciencecentral.com/profiles/blogs/predictive-analytics-takes-a-victory-lap

https://www.wsj.com/articles/stop-using-excel-finance-chiefs-tell-staffs-1511346601

https://www.linkedin.com/pulse/10-things-i-hate-subsurface-data-management-coy-dean/

http://www.verdazo.com/wp-content/uploads/2017/10/Uncertainty-Considerations-for-Development-Planning-Type-Curves.pdf

http://visualbi.com/portfolio/oil-and-gas-dashboards/

https://www.ibm.com/developerworks/community/blogs/jfp/entry/Analytics_Models?lang=en

https://analyticsmaturity.informs.org/?cm_mc_uid=53679767957115055687159&cm_mc_sid_50200000=1505568715

https://www.gartner.com/doc/3136418/itscore-overview-bi-analytics

http://www.ibmbigdatahub.com/blog/maturity-model-big-data-and-analytics

http://www.bersin.com/Lexicon/details.aspx?id=15302

https://tdwi.org/AMM?cm_mc_uid=53679767957115055687159&cm_mc_sid_50200000=1505568715

Predictive Analytics for Oil & Gas Group... · 2018-04-30 · Corvelle Consulting 4/27/2018...

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