Researchers at the University of Aberdeen aim to bridge the gap between the vast amounts of bid data available to the oil and gas sector – predominantly in exploration and production – and its ability to analyse, interpret and manage it effectively to help maximise recovery.
They say the oil and gas industry produces 2.5 quintillion bytes of data every day but only 1% of this is analysed, which they believe is a “missed opportunity” in terms of asset value maximisation and new field discovery.
The Intelligent Data Quality Improver (IDQI) project will develop algorithms capable of performing automated analyses on digital exploration and production datasets.
Professor Wamberto Vasconcelos, from the University’s Department of Computing Science, said: “This means we can extract and interpret most of the hidden information in a matter of minutes using, among others, a range of AI techniques such as machine learning, fuzzy logic and rule-based reasoning. This has the potential to unlock a vast treasure trove of data that is not currently exploited.
“Data is potentially among the most valuable assets created and owned by a business but without proper interpretation it has very little value.”
The project is co-funded by the Oil Gas Innovation Centre (OGIC), software research and development company HyperDAP and The Data Lab, Scotland’s innovation centre for data and AI.
Nicoletta Compatangelo, Managing Director of HyperDAP Ltd, adds IDQI has the potential to “revolutionise” the way raw data is interpreted, providing greater speed, accuracy and ultimately providing insights that can benefit operators.