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Adequate technology adoption will check poor forecast, risks in oil industry- Seplat

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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.”

YO/GOK

Edited by Olagoke Olatoye

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editor@nnn.com.ng