Solving E&P problems with Machine Learning & Analytics
...the key to getting along at $60/bbl!!
£50 + VAT
FEATURED SPEAKERS
Dr Duncan Irving
» Practice Partner, oil and gas
» Teradata
Justin Lyon
» Founder & Director
» Simudyne
Full Agenda
Monday, November 21, 2016
London
The Geological Society
download the event report
Unmanageable and Underutilized Data
Across our industry, we are challenged by increasing amounts of data arriving ever more quickly, sometimes called the “big data” issue. The classic response to vast volumes of data is to select only a sub-set and/or to approach any analysis with a ‘going in’ model – for example to pre-judge that the key correlation is between Parameter X (for example, Cost) and some other Variable Y (for example, Delay) – rather than letting the data ‘speak’.
And, technically, scatter (XY) plot and regression loyalists are falling way behind those that are applying advanced analysis techniques to identify hidden signals in their data.
Underutilized Analytics
Advanced analysis techniques like machine learning can deliver much more value in the context of problem solving, and have demonstrated their power in the ‘big data’ shale oil and gas provinces of the USA. They truly ‘let the data speak’.
The key here is that we must avoid this becoming yet another (IT) technology solution looking for a problem to solve!
Note: This event continues from our past 'Transforming Subsurface Science!' event held in
April 2016 - see the agenda - see the delegates list
David Bamford is well known around the oil & gas industry both as an explorer and a geophysicist. He holds a Physics degree from the University of Bristol and a Ph.D in Geological Sciences from the University of Birmingham.
Since 2004, he has been a non-executive director at Tullow Oil plc, being recruited for this position especially for his exploration knowledge. He serves on the Nominations and Remuneration Committees, and was chairman of the latter, and Senior Independent Director, for 3 years prior to his retire from the board at the end of April 2014.
He was on the board of Premier Oil from May 2014 to May 2016.
He retired from BP plc in 2003, his last four positions being Chief Geophysicist (1990-1995), Business Unit Leader (General Manager) for first West Africa and then Norway (1995-1999), and finally Head of Exploration until 2003.
He has served on the boards of Paras Ltd, a small exploration and IS/IT consulting company in which he held 22% equity, until its sale to RPS Energy in 2008 and Welltec a/s, a Danish well engineering company, as the nominee of the private equity investor Riverside.
From 2012 to 201 he was on the board of ASX-quoted Australia Oriental Energy as a non-executive director.
He was a founder of Richmond Energy Partners, a small oil & gas research house, and several media companies that focus on the oil & gas sector, and has served as an advisor to Alliance Bernstein, Opus Executive, the Parkmead Group plc, and Kimmeridge Energy LLP. Since retiring from BP, he has undertaken asset and company valuation projects for investment banks, hedge funds and small oil companies.
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Talk Description
Since 2005, Flare have been developing an oil and gas industry taxonomy. The taxonomy represents what is known about the industry, and what products are produced.
Flare's machine learning algorithms have been able to identify themes within existing content, and by combining this with the taxonomies, field analogues, based on different factors such as reservoir age or production problems can be discovered.
This presentation covers the capabilities of current machine learning approaches, and how Flare's technology suite leverages these to help companies do more with the information they already own |
Dave started in the oil business in 1976 as a field engineer in the Middle East. In 1982 he joined BG as a petrophysicist supporting the global exploration teams, going on to become their petroleum engineering manager. After BG there was a short period in IBM before Dave and a number of colleagues started Flare in 1998. Since then he has worked with many oil and service companies and government bodies, helping them manage a wide range of E&P information and data.
When not working Dave gets as far away from computer screens as he can by hiking in mountains and spending time in his garden
Flare Solutions Limited
Flare Solutions Limited is a global information management consulting and services company, celebrat
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Talk Description
First it was Big Data, then analytics, and now it’s machine learning. There’s a lot of bandwagons to jump on but they can all drive real business value if implemented thoughtfully.
However, there’s also a lot of “gotchas” with these activities in E&P, including the data quality, data volumes, and amount of science brought to bear. I’ll show the steps that are required to spin-up and support an analytics capability in an E&P operator, and how to implement machine learning and advanced analytics to support upstream workflows.
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Duncan Irving is the Oil & Gas Consulting Team Lead, EMEA & APAC with Teradata. Duncan joined Teradata from the University of Manchester where he instructed in geophysical interpretation and geocomputational methods for the last seven years. He was involved in consulting and research projects involving user interactions with massive subsurface datasets and more general upstream data management, and he continues to maintain research links as an honorary lecturer. One long term project was with Teradata and he drove the development of Teradata's capabilities in the Upstream Oil and Gas area. This time provided him with a deep understanding of the capabilities of Teradata and how they can best be used in the petroleum industry.
He is a geophysicist and also has a PhD in glacial geophysics and geotechnical engineering (why frozen ground moves faster during climate warming and how this affects infrastructure). Duncan lives in the hills outside Manchester with his wife and three children. He is a mountaineer, fell runner and is a card-carrying member of the CAMpaign for Real Ale.
Teradata
Teradata is the world's largest company solely focused on creating enterprise agility through databa
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Justin is one of the world's foremost experts in the field of computer-based simulation and a regular speaker on the application of AI, advanced analytics and simulation technology in solving complex problems. He regularly consults with the world's business, government and civic leaders on ways they can make radically better decisions. Justin studied at MIT and has worked in software development, strategic consultancy, sales and marketing for over 20 years. He is the founder of the pioneering technology company, Simudyne and a Director of ORDACH, a cyber-security SaaS solution developed as part of the Cyber London Accelerator (CyLon).
Personal page: http://justin-lyon.strikingly.com
Simudyne
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David Bamford is well known around the oil & gas industry both as an explorer and a geophysicist. He retired from BP plc in 2003, his last four positions being Chief Geophysicist (1990-1995), Business Unit Leader (General Manager) for first West Africa and then Norway (1995-1999), and finally Head of Exploration until 2003.
He has undertaken asset and company valuation projects for investment banks, hedge funds and small oil companies. He has been a board director of Tullow Oil and Premier Oil.
He holds a Physics degree from the University of Bristol and a Ph.D in Geological Sciences from the University of Birmingham.
Future Energy Partners Ltd
Future Energy Partners (FEP) is a unique oil and gas advisory service which prides itself on technic
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