Is it “digitalization” or “digitization”? Regardless, this industry is abuzz with talks of data this, digital that. IT teams are going to be the brick-layers for all things digital both in the Service and E&P sectors. Today, much of the focus seems to either be in the backoffice or downhole, leaving significant low-hanging digital fruit in how operations are run each and every day.
Here are a few things you might not know about how digital will affect how businesses are run and how Drakewell plays a crucial role in this transformation.
1. AI, Machine Learning, advanced analytics, and technology enabled ecosystems will fundamentally change how the Oil and Gas industry works. Just like other industries like Logistics.
2. McKinsey and Co. Estimated there is at least $9.00 boe efficiency gains in US tight oil by using technology ecosystems, AI, advanced analytics, and Machine learning. That’s $26 billion/year in just US tight oil.
3. AI and Machine learning require large amounts of high quality data, constant user driven training loops, and require platforms and ecosystems to both gather the data and to feed usable analytics back to people or machines who can make real time decisions.
4. The industry currently lacks the platform and ecosystems to enable this level of sophistication to gain software-driven boe efficiencies at scale.
5. Drakewell is a proven platform designed to solve the problems of field data capture across the industry and at scale.
6. Drakewell is currently gathering more data, at a higher quality about drilling than any other single organization. The capabilities from that data capture and advanced analytics are proving highly valuable to E&Ps and field service companies alike.
7. The Drakewell platform and ecosystem is designed, the technology built, and the team organized to quickly scale to other industry verticals like completions and production.
8. In the next decade the basic structure of an E&P as well as field service organizations will be significantly altered by these technologies. Increasing the amount of value will be moved away from people and organizational expertise into software platforms and ecosystems.