Project Insights

‘Big data’ technology could save upstream $75 bln by 2023 – Woodmac

New technology such as artificial intelligence could generate huge savings, according to a new report from Wood Mackenzie
By Staff reporter 12 November 2018 World / Exploration & Production 0 33254

Adopting ‘Big Data technologies’ – including advances in analytics, machine-learning and artificial intelligence – could help the upstream sector save $75 billion per year by 2023, Wood Mackenzie said in a report on Monday.

Digitalisation in the development of oil and gas fields could take the form of better processing of seismic data or new understanding of well logs and chemical analysis. This would help producers discover new resources in existing acreage, or give a competitive advantage when bidding in...