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TECHNOLOGICAL INNOVATION IN THE PETROLEUM INDUSTRY
Author:
Estefany Rivera ID-25.491.174
Change in Energy Sector is So Extreme Oil Companies May Need to Share Data……………………3
COLOMBIAN OIL CONGRESS ………………………………………………………………………………………………….4
3 Mistakes OIL Companies Make During A Downturn…………………………………………………………….5
Spotlighting Oil and Gas Entrepreneurs—Taking the Unbeaten Path…………………………………….6
What Does the Data Revolution Offer the Oil Industry?............................................................7
The Only Event Focused………………………………………………………………………………………………………..8
CONTENT
Change in Energy
Sector is So Extreme
Oil Companies May
Need to Share Data
For the oil industry to remain competitive, it
will need to break with the tradition of
sharing little information with competitors, a
top drilling executive from Shell says.
“Is data really proprietary?” asked Mike
Dewitt, vice president of upstream wells for
Shell, as he challenged an audience to
consider “unprecedented data transparency.”
Dewitt delivered the keynote address at the
SPE/IADC International Drilling Conference in
The Hague on 5 March, DeWitt stressed the
need for greater industry collaboration to
speed learning during a period of drastic
change as alternative energy sources are fast
becoming a factor in the overall energy
picture.
Data sharing is also an issue when oil
companies and service providers negotiate
cooperative working arrangements. For
example, some are trying to move from day
rates to incentive deals that reward
improved performance. A service provider
considering an incentive-based contract said
he would need to know how drilling went on
wells in the past, but if that work was done
by competitors they probably would not
want that disclosed.
“The industry will not be sustainable if we
hide behind contracts and clauses as we have
in the past,” DeWitt said.
Building a rig capable of working
in waters too deep for jackups
was a triumph of innovation, but
it created a big regulatory
obstacle. “They (regulators) could
not grant leases because no one
else could bid on them,” Dewitt
said. The solution was to share
the technology it developed so
that other oil companies could
also work in waters too deep for
jackups.
The payoff for sharing that
technology 50 year ago is being
realized now. “To sustain and
compete we must come
together,” he said, adding that
companies in oil and gas need to
“eliminate the fiefdom-type
approach.”
COLOMBIAN OIL CONGRESS
The ideal place for experts to discuss
current issues and present the
advances of the entire industry
Master lectures
Spotlighting Oil and Gas
Entrepreneurs—Taking
the Unbeaten Path
Walt Disney is credited with the quote,
“All our dreams can come true, if we
have the courage to pursue them.”
Often times, we are limited only by our
own imagination. Most of us follow the
traditional path—go to college, get a
job, work for 35+ years, and retire. In
some ways, it is the least risky path
because it is the most prescriptive,
most well defined. Sure, there are
plenty of challenges, but the game plan
is very conventional.
Entrepreneurship is quite the opposite. High risk,
high reward! When someone pursues
entrepreneurship, the initial opportunity cost is
quite high; giving up a good job and steady
paycheck, sacrificing time with friends and family,
and adding significant amounts of stress and risk. On
the flip side, the work is often more inspiring, the
learning curve is far steeper, and people are more
engaged. And if the venture takes off, the payoff can
be extremely high, both in terms of money and job
satisfaction.
What Does the Data
Revolution Offer the Oil
Industry?
In fact, there are ample opportunities
for oil and gas companies to use Big
Data to get more oil and gas out of
hydrocarbon reservoirs, reduce capital
and operational expenses, increase
the speed and accuracy of investment
decisions, and improve health and
safety while mitigating environmental
risks. It is worth mentioning that
although the so-called “disruption
mandate” faced in every industry,
including oil and gas, is not new, its
current speed and complexity will
foster an adaptive mindset while
maintaining its business practices—
the key not only for success but also
for survival in the age of the digital
transformation.
The need to understand the future
trends of the oil industry has never
been greater than it is today.
Throughout the history of the oil
industry, technology and innovation
have made a significant contribution by
pushing the boundaries to enable a
continuous expansion in production,
increasing reserves, and capital
efficiency. In the years to come, with the
world’s conventional reserves declining,
energy companies will inevitably have to
move into more challenging and remote
locations to explore and produce
hydrocarbons. Therefore, the role of
innovation and, more specifically, data-
science-derived technologies will likely
become the key to shaping the future of
the oil and gas sector.
Technological advances, such as
increased use of Web-based
platforms and cutting-edge data-
acquisition technologies such as
sensors, have made it possible to
generate a staggering amount of
data in the industry—the
aforementioned Big Data—often
which is not used efficiently or
effectively. One of the key
enablers of the data-science-
driven technologies for the
industry is its ability to convert Big
Data into “smart” data.
Technological Innovation In The Petroleum Industry

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Technological Innovation In The Petroleum Industry

  • 1. TECHNOLOGICAL INNOVATION IN THE PETROLEUM INDUSTRY Author: Estefany Rivera ID-25.491.174
  • 2. Change in Energy Sector is So Extreme Oil Companies May Need to Share Data……………………3 COLOMBIAN OIL CONGRESS ………………………………………………………………………………………………….4 3 Mistakes OIL Companies Make During A Downturn…………………………………………………………….5 Spotlighting Oil and Gas Entrepreneurs—Taking the Unbeaten Path…………………………………….6 What Does the Data Revolution Offer the Oil Industry?............................................................7 The Only Event Focused………………………………………………………………………………………………………..8 CONTENT
  • 3. Change in Energy Sector is So Extreme Oil Companies May Need to Share Data For the oil industry to remain competitive, it will need to break with the tradition of sharing little information with competitors, a top drilling executive from Shell says. “Is data really proprietary?” asked Mike Dewitt, vice president of upstream wells for Shell, as he challenged an audience to consider “unprecedented data transparency.” Dewitt delivered the keynote address at the SPE/IADC International Drilling Conference in The Hague on 5 March, DeWitt stressed the need for greater industry collaboration to speed learning during a period of drastic change as alternative energy sources are fast becoming a factor in the overall energy picture. Data sharing is also an issue when oil companies and service providers negotiate cooperative working arrangements. For example, some are trying to move from day rates to incentive deals that reward improved performance. A service provider considering an incentive-based contract said he would need to know how drilling went on wells in the past, but if that work was done by competitors they probably would not want that disclosed. “The industry will not be sustainable if we hide behind contracts and clauses as we have in the past,” DeWitt said. Building a rig capable of working in waters too deep for jackups was a triumph of innovation, but it created a big regulatory obstacle. “They (regulators) could not grant leases because no one else could bid on them,” Dewitt said. The solution was to share the technology it developed so that other oil companies could also work in waters too deep for jackups. The payoff for sharing that technology 50 year ago is being realized now. “To sustain and compete we must come together,” he said, adding that companies in oil and gas need to “eliminate the fiefdom-type approach.”
  • 4. COLOMBIAN OIL CONGRESS The ideal place for experts to discuss current issues and present the advances of the entire industry Master lectures
  • 5.
  • 6. Spotlighting Oil and Gas Entrepreneurs—Taking the Unbeaten Path Walt Disney is credited with the quote, “All our dreams can come true, if we have the courage to pursue them.” Often times, we are limited only by our own imagination. Most of us follow the traditional path—go to college, get a job, work for 35+ years, and retire. In some ways, it is the least risky path because it is the most prescriptive, most well defined. Sure, there are plenty of challenges, but the game plan is very conventional. Entrepreneurship is quite the opposite. High risk, high reward! When someone pursues entrepreneurship, the initial opportunity cost is quite high; giving up a good job and steady paycheck, sacrificing time with friends and family, and adding significant amounts of stress and risk. On the flip side, the work is often more inspiring, the learning curve is far steeper, and people are more engaged. And if the venture takes off, the payoff can be extremely high, both in terms of money and job satisfaction.
  • 7. What Does the Data Revolution Offer the Oil Industry? In fact, there are ample opportunities for oil and gas companies to use Big Data to get more oil and gas out of hydrocarbon reservoirs, reduce capital and operational expenses, increase the speed and accuracy of investment decisions, and improve health and safety while mitigating environmental risks. It is worth mentioning that although the so-called “disruption mandate” faced in every industry, including oil and gas, is not new, its current speed and complexity will foster an adaptive mindset while maintaining its business practices— the key not only for success but also for survival in the age of the digital transformation. The need to understand the future trends of the oil industry has never been greater than it is today. Throughout the history of the oil industry, technology and innovation have made a significant contribution by pushing the boundaries to enable a continuous expansion in production, increasing reserves, and capital efficiency. In the years to come, with the world’s conventional reserves declining, energy companies will inevitably have to move into more challenging and remote locations to explore and produce hydrocarbons. Therefore, the role of innovation and, more specifically, data- science-derived technologies will likely become the key to shaping the future of the oil and gas sector. Technological advances, such as increased use of Web-based platforms and cutting-edge data- acquisition technologies such as sensors, have made it possible to generate a staggering amount of data in the industry—the aforementioned Big Data—often which is not used efficiently or effectively. One of the key enablers of the data-science- driven technologies for the industry is its ability to convert Big Data into “smart” data.