Featured in The American Oil & Gas Reporter: Smart Automation Boosts Economics
03 Mar 2020
As artificial intelligence begins to make its way into America’s oil fields, companies are scrambling to leverage the computing power and data accessibility of machine learning to optimize production and reduce costs. The integration of this new technology is making near-autonomous wells a reality and the return on investment can be significant. For example, the potential for machine learning to automate production optimization workflows, which usually requires time-consuming analyses of large datasets, can solve problems like over-pumped/under-pumped wells. Solving this problem alone has the potential to increase production rates by 10% and reduce operating costs by 20% according to Jesse Filipi, technical director for Ambyint.
“Our goal is to use artificial intelligence to help our customers scale their repetitive workflows to enable them to have a greater impact on production,” he says. “This will lead to faster feedback loops and more quantitative decisions that yield higher production, longer well lives, and more efficient operations.” – Jesse Filipi