What Does it Take for True Integrated Asset Value Maximization? Big Data, Digital Transformation and Paradigm Shifts: A Case Study
Integrated asset value maximization has been a topic of interest for the upstream oil and gas industry for more than two decades, with limited-to-no success achieved to date. Traditionally, integrated asset management has focused on optimization rather than maximization. Several challenges affect achieving integrated asset value maximization, including but not limited to data integration, technology platforms, and time to value from data. Past and present integrated asset management focuses on geoscience software integration, subsurface uncertainty, and pressure/volume/temperature (PVT) consistency followed by optimization, thus providing incremental value by moving away from “silo” solutions. However, for maximizing asset value, it is necessary to understand big data and digital transformation during the oil well life cycle. This requires a paradigm shift in the way the upstream industry is viewed. The underlying principle for value maximization is the concept of an integrated, agile, and scalable platform providing the data, information, and actionable insights for near-real-time or real-time value creation. The challenges in providing the integrated geosciences and related data sets for simulations, modeling, and insight generation on a continuous basis are discussed. The SMART approach in addressing these challenges and building a solution based on the global earth model is also presented. Additionally, this paper discusses the value created by integrating semi-structured data from geosciences and related fields, such as biostratigraphy, geochemistry, and others with various types of operational data for the long-term benefit of the upstream industry. In summary, challenges and opportunities in leveraging big data and digital transformation for maximizing integrated asset value are presented.
AAPG Datapages/Search and Discovery Article #90328 © 2018 AAPG Middle East Region GTW, Maximizing Asset Value: Integrating Geoscience with Reservoir Management & Facilities Optimization, Muscat, Oman, April 30 – May 1, 2018