The world’s energy needs are constantly evolving, and that means collaboration amongst the oil and gas industry is more important now than ever. In 2018, a group of leading oil and gas companies met to discuss how cloud technology could help solve the data challenge in exploration and production. The Open Group OSDUTM Forum was created to reduce silos and put data at the center of the subsurface community, with the core principle of separating data from applications. By creating this standard platform, The Open Group OSDU Forum allows the oil and gas industry to focus on innovating new digital solutions for better decision-making across a variety of use cases.
OSDU Data Platform Mercury Release
This morning, we officially announced that our SparkPredict®, Darwin®, and DeepNLPTM products are now compatible with the platform, thanks to a v3 update within the platform known as Mercury! This exciting news comes less than a year after SparkCognition first joined The OSDU Forum in April 2020 to help revolutionize the oil and gas industry, sitting alongside industry leaders such as Shell, Chevron, bp, Schlumberger, Microsoft, and others. To put it simply, compatibility with The Open Group OSDU Forum allows our products to ingest data collected by the platform from sensors across the industry. As a result, our customers will have access to the most cutting edge solutions to make smarter decisions even faster.
Even more exciting, we already have a big project underway following the Mercury release. The first project to utilize our products’ compatibility is with a large national oil company, which uses the SparkPredict product for anomaly management on their offshore drilling rigs.
Why Is This Important?
All in all, our products’ compatibility with The Open Group OSDU Forum will help to accelerate digital transformation across the oil and gas industry at scale. Exploration and production companies have long dealt with massive volumes of subsurface data that were trapped in silos, isolated from the teams that need the data most to make key decisions. The creation of The Open Group OSDU Forum ushered in a single accessible location where all subsurface data—including exploration data, development data, and wells data, among other forms—is available to members who’d like to access it.
Since our inception, SparkCognition has made a monumental impact in the industry by leveraging disparate data sources to curb non-productive time and improve operational efficiency. Our products’ compatibility with The Open Group OSDU Forum allows us to ingest data to better inform our solutions and achieve these goals.
Asset failures are expensive endeavors that can cost millions of dollars due to lost production and repairs. With machine learning-based predictive analytics, our customers have been able to gain additional insights that will help them avoid unexpected downtime from production-impacting events like stuck pipe. In one project, a large drilling operator transformed data into a strategic asset by employing our SparkPredict predictive analytics product to help predict stuck pipe and other drilling dysfunctions. Deploying predictive machine learning models across seven wells in different fields, the SparkPredict product detected 78% of overall drilling anomalies, including stuck pipe events, with up to six-hours’ advance notice, allowing personnel ample time to make corrections and saving the company upwards of millions of dollars in drilling costs and downtime.
Improve Operational Efficiency
While optimizing production is a complicated process, with hundreds of variables influencing decisions that must be made rapidly, our SparkPredict product has been successful in ingesting data to streamline decision-making and enable production efficiency. Using this technology, SparkCognition has enabled nearly 99% production efficiency on offshore platforms, driving hundreds of millions of dollars in increased annual production. For one oil and gas supermajor, the SparkPredict product improved annual production by up to four percent, or up to $30 million annually per platform.
Leveraging our products’ compatibility with The Open Group OSDU Forum platform, our customers and other players in the oil and gas industry stand to gain similar benefits as they continue their digital transformation journey, ensuring customers can easily integrate a broad range of data and knowledge. We’re thrilled to see how the industry will change in the coming months and years as the oil and gas community comes together to accelerate time to value.