Digital Transformation is reshaping all industries during a race to extend profitability by reducing business cycles and increasing efficiencies. Especially Digital Transformation is that the pis aller within the Oil & Gas industry extends profitability through a process that resembles a deliberate look for faster and better oil. The extremely long period that happens since the capture of an exploratory area until the primary oil may be a rodent that's devouring the NPV of the projects. Better oil, to extend efficiency, reducing CAPEX, decrease trade cycle time, and lowering the break-even.
Most of the activity developed during this playing period of an upstream project until the primary oil is said to Exploration and therefore the technologies used are those within the fields of Geosciences (Geology, Geophysics and Reservoir Simulation). While Exploration Success rates in Exploration remain constant over the Industry at a mean rate of 30%, Economic Success rates and consequently the typical IRR of exploration projects are well below historical averages for the industry. One of the explanations is that in Geosciences, no matter technological advances within the realm of quantifying practitioners, most of the choices in
Exploration is made within the field of generalist practitioners. Professionals that belong to the present environment of generalist practitioners usually support business decisions such as drilling, farm-in, or farm-out of opportunities. Digital Transformation will empower these qualitative practitioners because they're going to have readily available tools and knowledge that within the past was concentrated during a few skilled specialists. In particular, the interpreters will accelerate their work, and that they will have available at their fingertips very sophisticated tools, now possible because of High- Performance Computing which will be available to them through the Cloud. All of it's a part of a broader Technological Democratization.
Oil and Gas Upstream has always been particularly hungry for High-Performance Computing for all of these technologies required for modeling and imaging the earth’s interior. There are two reasons for this never-ending need for supercomputing. First, as physical models are increasingly growing in complexity due to the complexity of real systems, the computational cost required to resolve these systems mathematically is increasing in a minimum of one order of magnitude every five years. On the opposite hand, closing the fidelity between Modeling and Imaging requires increasingly more scales (higher frequencies to be accounted for within the Imaging), and therefore the computational cost increases with the biquadrate of the speed required within the Imaging.
"The convergence between High- Performance Computing and therefore the Cloud has made those Geoscientific technologies possible."
While the pc power growth is logarithmic following almost mathematically Moore’s law over the last 40 years, the value for each 100,000 transistors over an equivalent period is additionally decaying exponentially and today is less than 1/10th of a cent.
From the ’70s there's a non-stop race to satisfy the last word human desire: i would like a much bigger computer!! Technology breakthroughs occurring almost every ten years feed this dream: Networked Operating Systems, Networks of Workstations and Clusters, Grid Computing and now, finally, the ubiquitous supercomputing: the Cloud.
The convergence between High-Performance Computing and therefore the Cloud has made possible that Geoscientific technologies that were within the past available to a couple of highly specialized geophysicists, geologists, and engineers due to supercomputing requirements, are today readily accessible to many professionals through an online connection. This is often the first component of today’s technology democratization.
With a little bit of training, the geoscience professionals of today will have the experience of being specialists. They’re going to not be engaged in tasks requiring manual, repetitive work with little or no benefit to their companies; they're going to be involved in the appliance of science during a creative environment within their workplace. While the motivation of those professionals will rocket, their companies will enjoy having 50 times more highly skilled specialists and professionals undertaking high value-added projects.
This is often how Digital Transformation through Technology Democratization with the Cloud as an enabler will empower all of those qualitative practitioners contributing to the specified reduction of trade cycle times and therefore the increase of exploration success rates.