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Digital Oilfield 2.0
November 14, 2018 @ 4:00 pm - 5:00 pm
Presented by Jim Crompton, Reflections Data Consulting LLC and Adjunct teaching faculty, Petroleum Engineering Department, Colorado School of Mines
It is apparent to everyone within the Oil and Gas Industry that significant changes are underway. These changes are being driven by the need to operate more efficiently and with fewer people. Picture a general flow of getting more for less, but on steroids! A catalyst for this change has been the application of Digital Technology, wherein lies a new focus on data science and analytics. This is starting to result in real and significant improvements to overall business performance for some operators.
While big data and analytics get most of the attention, it is only one aspect of a broader movement that is popularly referred to as, Digital Transformation. Unfortunately, there is a lot of confusion around this term as it has been adopted to mean many different things, and promoted as the solution to all things. If we adopt the broader definition as “… the transformation of business activities, processes, and workflows to fully leverage the changes and opportunities of Digital Technologies to deliver a better and more efficient organization,” then it remains relevant and provides a framework for this presentation.
The Digital Oilfield 1.0 showed that almost anyone can put the effort in to develop one great workflow optimization solution and show it off to an industry conference. However, you are not going to be able to continue to develop, scale, and sustain a competitive advantage if you do not pay attention to data. A leading-edge company needs to invest in the people, processes, and technology that bring your analysts, engineers, earth scientists, and operators, good quality, easily accessible, trusted data all of the time. Welcome to the world of Digital Oilfield 2.0