IBM and Flotek use machine learning to aid oil and gas industry
April 27, 2017
IBM and Flotek Industries have signed a global agreement to develop cognitive reservoir performance for the oil and gas industry.
The system uses IBM Watson Explorer technology to analyse Texas-based Flotek's proprietary oilfield chemistry research, oil and gas client-contributed data, and publicly reported sources from completion and production to reveal insights and identify new approaches to enhance the performance of wells throughout their entire life cycle. For example, this will enhance oilfields by enabling decision making using machine learning for better production performance to improve oil recovery.
"The digital age has brought a massive amount of insight-rich industry data related to well-depths and rock formations," said Luq Niazi from IBM Consulting. "With IBM Watson Explorer, our clients will gain insights that can be interpreted quickly to understand exactly what is happening at a client's well and deliver value to the core of the business."
Flotek's Reservoir Cognitive Consultant should enable better decisions using machine learning to increase reservoir performance through the Watson platform. The service will allow Flotek data scientists and chemists to search and analyse troves of historical and experiential data from thousands of client wells in real time and apply their technical expertise to discover critical trends and insights.
"We are committed to maximising reservoir performance, ultimate recovery and client investments," said John Chisholm, CEO and president of Flotek. “For years, our clients have communicated the need for predictive data related to well performance rather than reactive, backwards-looking information available in the energy industry. Reservoir Cognitive Consultant will bring greater transparency to the oilfield by identifying specific challenges facing our clients through prescriptive chemistry technology designed to deliver measurable, transformative results."
Flotek develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials, and food and beverage industries. Its chemists draw from the power of bio-derived solvents to deliver ways to enhance energy production, cleaning products, foods and beverages, and fragrances. In the oil and gas sector, it serves major and independent energy producers and oilfield service companies.