The Seplat Petroleum Development Company Plc, says right adoption of contemporary technologies like Artificial Intelligence (AI), big data and mobile technology will help in addressing risks associated with the business.
Its Executive Operations Director, Mr Effiong Okon, made the assertion on Thursday at the 43rd Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition in Lagos.
The Nigeria News Agency reports that theme of the three days conference is: “Artificial Intelligence, Big Data and Mobile Technology: Changing the Future of the Energy Industry”.
According to Okon, this will not only drive planning and forecast in the Nigerian oil industry, but will help in addressing like risks associated with the business.
“Leveraging cloud computing and big data, for instance, promotes accurate forecast of oil production for planning, which in turn drives operational excellence (production optimisation and asset performance).
“The use of predictive and data-driven maintenance for production and cost efficiency has helped to reduce Mean Time To Repair (MTTR), and increase Mean Time Before Failure (MTBF) in the industry,” he said.
Okon said that for drilling, operators could get predictive analysis through smart drilling and guarantee early identification of drilling anomalies.
He said that others were hazards to well controlled problems; develop more Enhanced Oil Recovery (EOR) techniques and real time data through Logging While Drilling (LWD) and Measurement While Drilling (MWD).
He said this would further help in improving subsurface mapping and new well delivery performance through micro-seismic 3D imaging.
Narrating the Seplat technology story, Okon said that the company had continued to make conscious efforts to drive operations using contemporary technologies with the right investments.
According to him, Seplat’s investments in technologies are driven by measurable and justifiable value accruable to the company.
“With the right technology, we can identify rock and fluid properties through Magnetic Resonance Imaging (MRI).
“Locate new oil fields through Wide Azimuth Towed Streamer (WATS) Acquisition; and analyse big data through Ground Penetrating Radar (GPR) for cost efficiency.
“Internet of Things (IoT) is revolutionising midstream pipelines operations through Supervisory Control and Data Acquisition (SCADA)-based applications,” he said.
In the area of refining, he noted that operators could now analyse economic indicators and weather patterns for forecasting demand, pricing and resource allocation.
Okon said: “These technologies have a huge role to play in the future of the oil and gas industry. The need for smart, cost efficient ways to access unconventional reservoirs is undoubted.
“It requires the combination of technology and thinking that redefines how firms manage and execute a more harmonised approach to early well life. As drilling projects grow in ambition, smarter equals faster.
“Blockchain revolution is starting here and now. There is huge potential to reduce risk of fraud, error and invalid transactions in energy trading and enable interoperability.
“To revolutionise joint ventures (JVs), risk management, contracting and regulatory compliance. This is critical to unlocking the efficiency potential of distributed energy generation.
“Technology will be a facilitator in the transformation of oil and gas companies, and this demands that companies make confident, data-driven decisions using relevant, accurate and trusted information platforms.”
Edited by Olagoke Olatoye
- Nollywood: Audition for ‘A Call to Service’, pro-NYSC scheme movie debuts in FCT
- Lack of synergy responsible for Nigeria’s loss at IMO council election – operators
- Army conducts free medical outreach in 3 Enugu communities
- Wabote lists benefits of NLNG Train 7
- Group seeks participation of more women in farming
- Aguleri community builds unity centre worth N150m
- Eye centre performs 900 operations in 12 months
- Transport strikes continue in France amid fresh lorry blockades
- IPPIS: NECA urges FG, ASUU to initiate industrial relations process to resolve disagreement
- Former head of state, Abdulsalami underscores importance of traditional institutions
- UniJos graduates 11, 431 students, 74 first class, 97 PhDs
- Institute concludes environmental impact survey of Lagos, makes recommendations
- Sowore: Rights commission urges law enforcement officials to respect law
- Lai Muhammed, others bag honorary fellowship as tourism institute graduates 3,000
- Accounting profession not for corrupt people, says ANAN Chairman
- Gov. Ganduje presents employment letters to 920 newly recruited health workers
- Taiwan marks 40th anniversary of crushing of pro-democracy march
- Kaduna NUJ commends Gov. el-Rufai for ongoing urban renewal projects
- Waste managers pledge to upgrade disposal trucks for better service
- Police nab man for allegedly killing neighbour with Dane gun in Niger
- Pope to give ‘strictly private’ audience to embattled Maltese premier
- Samoa’s measles death toll rises to 65 amid state of emergency
- Von der Leyen calls for ‘unity’ between Europe, AU
- Tree planting, panacea to climate change problems- Environmentalist
- Eddie Ugbomah, Joke Silva, others honoured with Movie Rock of Fame Award
- Firefighters battle more than 100 blazes across Australian state
- AOC tasks personnel on physical fitness to tackle security challenges
- Kenya gov’t confirms ambush that killed 8 was terrorist attack
- 2019 ZUMA Film Festival closes with grand awards gala
- $900,000 Grant: Niger Govt. to sensitise communities on urban policy
- Jigawa, Chinese Hunan province sign agreement on agriculture
- Missing cash: 4 quizzed NSCDC back to post at Bayelsa govt. house
- U.S. Supreme Court blocks plans to bring back federal death penalty
- MURIC hails Buhari for nomination of new NAHCON boss
- Immigration boss inaugurates new quarter guard
- Insecurity: Niger Govt. donates vehicles, motorcycles to Army
- Osinbajo harps on culture, tourism in new world order
- Customs boss seeks separate budget for staff college
- ICT bedrock of any sub specialty, says Kebbi first lady
- NIDCOM condemns attack on Amaechi in Spain
- Kubwa Traffic: FCTA task team to close Gwarinpa U-turn
- Ahead of institute’s convocation, alumni call for improved attention to tourism
- Gov. Sule sets up committee on implementation of minimum wage
- Onu advocates inclusion of innovation in educational curriculum
- Tunisia foils illegal immigration attempt
- FG reaffirms commitment to establishing National Policy on Nanotechnology
- FCCPC to enforce passenger insurance on fleet operators
- Gov. Obaseki signs N179.2bn Appropriation Bill for Edo
- Nigerian Customs not afraid to take bold decisions
- TETFund retrieves N10bn from non-performing institutions