IBM helps Woodside Australian oil and gas firm manage data
June 2, 2015
Australia’s largest independent oil and gas company is using IBM Watson to enhance decision making and increase efficiencies. Woodside will train the cognitive computing system so users can findevidence-weighted insights from large volumes of unstructured and historical data contained in project reports in seconds.
Watson is part of Woodside’s strategy to use predictive data science to leverage more than 30 years of collective knowledge and experience as a leading liquefied natural gas operator, to maintain a strong competitive advantage.
Allowing a broad population of employees to leverage this knowledge should enhance Woodside’s collective expertise in designing, fabricating and constructing major oil and gas facilities as well as managing major turnarounds.
Delivered via the cloud, the cognitive advisory service – Lesson Learned – scales the knowledge of engineers making insights and information quickly accessible to a wide group, with the potential to lead to faster resolutions, improved process flow and operational outcomes. Lesson Learned will enable Woodside’s engineering teams to ask complex questions in natural language.
Woodside senior vice president for strategy, science and technology Shaun Gregory said data science was the essential next chapter in knowledge management, enabling the company to unlock collective intelligence.
“We are bringing a new toolkit to the company in the form of evidence based predictive data science that will bring down costs and increase efficiencies across our organisation,” he said. “Data science, underpinned by an exponentially increasing volume and variety of data and the rapidly decreasing cost of computing, is likely to be a major disruptive technology in our industry over the next decade.”
He said the plan was to turn all of these data into a predictive tool where every part of the organisation would be able to make decisions based on informed and accurate insights.
“Here in Australia, IBM Watson is transforming how banks, universities, government and now oil and gas companies capitalise on data, helping them discover completely new insights and deliver new value,” said Kerry Purcell, managing director for IBM in Australia and New Zealand. “In any area where knowledge professionals are working with an ever-increasing volume of data, Watson is fundamentally changing how these organisations operate, make decisions, drive growth and gain competitive advantage.”
Woodside is an Australian oil and gas company with a global presence, and capabilities as an explorer, developer, producer and supplier. Its producing LNG assets in the north-west of Australia are said to be among the world’s best facilities.
The company's exploration portfolio includes emerging and frontier provinces in Australia and the Asia-Pacific region, the Atlantic margins and Latin America and sub-Saharan Africa.