More Technology Will Mitigate Oil Industry Risks- Seplat Boss

More Technology Will Mitigate Oil Industry Risks- Seplat Boss

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Post Views: 114 Operators in the Nigerian oil industry have been challenged to invest in contemporary technologies like Artificial Intelligence (AI), ...

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Operators in the Nigerian oil industry have been challenged to invest in contemporary technologies like Artificial Intelligence (AI), big data and mobile technology to enhance planning and forecasting in the Nigerian oil industry, besides addressing risks associated with the business.
Investments in Cloud computing and big data, according to Effiong Okon, the executive director, Operations, at Seplat Petroleum Development Company Plc, will promote accurate forecast of oil production for planning.
Speaking in Lagos recently at the 43rd Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition, with the theme: Artificial Intelligence, Big Data and Mobile Technology: Changing the Future of the Energy Industry, Okon said such investment would, in turn, drive operational excellence in the area of production optimisation and asset performance.
In a presentation titled,” Transforming Big Data and Technology to Business Value: Challenges and Strategic Options” during a panel session, Okon said the use of predictive and data-driven maintenance for production and cost efficiency has helped to reduce Mean Time To Repair (MTTR), while increasing Mean Time Before Failure (MTBF) in the industry.
For drilling, he said operators can get predictive analysis through smart drilling; guarantee early identification of drilling anomalies, hazards to well control problems; develop more Enhanced Oil Recovery (EOR) techniques; and real-time data through Logging While Drilling (LWD) and Measurement While Drilling (MWD).
In the area of exploration and appraisal, the Seplat boss said technology had made it possible to obtain big data from sensors attached to equipment used during exploration/appraisal activities (seismic, wells), which will further help in improving subsurface mapping and new well delivery performance through micro-seismic 3D imaging.
Speaking on the Seplat experience, Okon said the company continues to make conscious efforts to drive operations using contemporary technologies, with the right investments, such that investments in technologies are driven by measurable and justifiable value accruable to the company.
With the right technology, he stressed, “we can identify rock and fluid properties through Magnetic Resonance Imaging (MRI); locate new oil fields through Wide azimuth towed streamer (WATS) acquisition and analyse big data through Ground Penetrating Radar (GPR) for cost efficiency.
“It also applies to oil/gas transportation while connecting pipelines, sensors, leak detection, alarms, and emergency shutdowns; using drone technology for pipeline surveillance.
“Internet of Things (IoT) is revolutionising midstream pipeline operations through Supervisory Control and Data Acquisition (SCADA) -based applications
In the area of refining, the Seplat EOD believes that operators could now analyse economic indicators and weather patterns for forecasting demand, pricing, and resource allocation while optimising integrated refineries and leveraging machine learning for predictive analysis and self-diagnosis by refineries.
Continuing, he said “these technologies have a huge role to play in the future of the oil and gas industry. The need for smart, cost-efficient ways to access unconventional reservoirs is undoubted. It requires the combination of technology and thinking that redefines how firms manage and execute a more harmonised approach to early well life. As drilling projects grow in ambition, smarter equals faster.
“Blockchain revolution is starting here and now. There is huge potential to reduce risk of fraud, error and invalid transactions in energy trading and enable interoperability to revolutionise joint ventures (JVs), risk management, contracting and regulatory compliance. This is critical to unlocking the efficiency potential of distributed energy generation.”

According to Okon, technology will be a facilitator in the transformation of oil and gas companies, and this demands that companies make confident, data-driven decisions using relevant, accurate and trusted information platforms.

Photo caption: From left, Petroleum Engineering Application Services Department Manager, Saudi Aramco, Sami Alnuaim; Chairman, Society of Petroleum Engineers, Nigeria Council, Debo Fagbami; General Manager, External Affairs and Communications, Seplat Petroleum Development Company Plc, Dr. Chioma Nwachuku; and Executive Operations Director, Seplat Petroleum, Effiong Okon, at the Seplat booth during the 2019 SPE Nigeria Annual International Conference and Exhibition held in Lagos recently.

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