February 21, 2019
This SPE workshop focused on the evaluation of projects and technologies that can be deployed to improve production, recovery, cost-effectiveness and profitability in Mexican assets. The event was held in the Hotel Quinta Real at Villahermosa, Mexico, February 19-20, 2019.
As any worldwide industry in the Oil and Gas business, there is increasing interest in implementing solutions that can extract great value from data and significantly simplify processes via AI.
DeepCast.ai offered its digital perspective with the presentation “Fast and Reliable Automation of Production Forecasting Using AI”. In this work, math, physics, AI and software engineering are cleverly integrated to achieve unprecedented speed and reliability of production forecast and reserve estimation. DeepCast.ai showed that is possible to automatically forecast, estimate reserves and perform economics from scratch in approximately 2.5 hours for more than 20 thousand wells extracted from the government public Mexican database (https://produccion.hidrocarburos.gob.mx/ ). A manual work of this number of wells would demand 104 days of manpower at a rate of 2.5 minutes per well and 40 hours per week.