‘Technology’ll check poor forecast, risks in oil industry’
Thenationonlineng.net - Mon 12 Aug 06:59 GMT

An indigenous player in the upstream sector of the oil and gas industry, Seplat Petroleum Development Company Plc, has stressed...

  An indigenous player in the upstream sector of the oil and gas industry, Seplat Petroleum Development Company Plc, has stressed the need to deploy modern technologies in the industry.

  Its Executive Operations Director,  Mr. Effiong Okon, said the adoption of technologies, such as Artificial Intelligence (AI), big data and mobile technology, would not only drive planning and forecast, but help in addressing risks associated with the business in the industry.

  Okon spoke at a panel session of the Society of Petroleum Engineers (SPE), Nigeria Council’s annual conference that focused on: Artificial Intelligence, Big data and Mobile technology: Changing the Future of the energy industry in Lagos at the weekend.

  Speaking on: Transforming Big data and technology to Business value: Challenges and strategic options, Okon said leveraging cloud computing and big data, for instance, promotes accurate forecast of oil production for planning.

  He said in the area of exploration and appraisal, technology had made it possible to obtain big data from sensors attached to equipment used during exploration/appraisal activities (seismic, wells).

  Narrating the Seplat technology story, Okon said the company had continued to make conscious efforts to drive operations using contemporary technologies, with the right investments.

  “With the right technology, we can identify rock and fluid properties through Magnetic Resonance Imaging (MRI); locate new oil fields through Wide azimuth towed streamer (WATS) Acquisition; and analyse big data through Ground Penetrating Radar (GPR) for cost efficiency.