Oil is one of the most traded and highly valued commodities around the globe. But selecting the right site, setting up drilling wells, and extracting crude oil from underground is no easy process. Companies need to be certain of the location they want to drill to maximize production and operational efficiency while reducing costs and environmental impact.
Buying land for oil exploration is a calculated risk that requires a lot of planning. The advantage that oil and gas companies have, however, is that the industry has been collecting sensor data to monitor thousands of underground wells for years. Using previous well logs and production data, companies can leverage artificial intelligence (AI) and machine learning (ML) to predict the most lucrative drilling locations that will have minimal environmental impact. Heat maps and other data visualization methods have proven helpful in guiding oil companies through the exploration and production process.
Implementing a fast, accurate, reproducible, and cost-effective well mapping framework is the power needed to maximize production, operate efficiently, and hold a competitive edge in the industry. See how Anaconda Enterprise is improving data science workflows in oil and gas by booking a demo.