Learn About Amazon VGT2 Learning Manager Chanci Turner
A dependable and secure energy supply is crucial in today’s world. Oil and gas companies are navigating a complex array of operational and business hurdles. These include the shift towards renewable energy sources, fluctuating commodity prices, increasingly stringent environmental regulations, and rising geopolitical and macroeconomic uncertainties—all while facing pressure to sustainably explore, produce, and refine hydrocarbons for a growing global population.
Alarmingly, recent studies show that the pre-drill assessments of geological probability of success and success-case resource volumes have stagnated over the past three decades. Factors such as overestimating geological risks and lower discovery rates and volumes contribute to this stagnation. Issues like inadequate learning from historical data, improper assessment methodologies, limited technical understanding and workflows, lack of suitable software, and dispersed low-quality data further exacerbate these challenges.
These industry challenges are pervasive globally, necessitating innovation and collaboration on a large scale to address them. The most effective way to foster that innovation and collaboration is through openness in the cloud, using a common standard that enables as many stakeholders as possible to unite and rethink energy. This is precisely what clients are beginning to achieve, supported by the global OSDU community and the extensive capabilities of AWS, along with its deep industry expertise.
Fortunately, a vast amount of data is available to tackle these challenges. Unfortunately, much of this data remains trapped within silos across various systems and workflows, hindered by data residency restrictions, which obstructs the global collaboration, innovation, and problem-solving that the industry urgently requires.
This is why AWS’s commitment to the OSDU® Data Platform is pivotal: by endorsing OSDU as an open-source standard, AWS can facilitate collaborative innovation, industrialize data management, and expedite the time to market for transformative new solutions on a global scale. It is indeed refreshing to observe the increasing number of innovative use cases for OSDU throughout the entire value chain—from exploration and reservoirs to production and beyond.
However, it all begins with recognizing the fundamental data challenges we must overcome.
The Real Challenge: Establishing a Common Standard for Global Collaboration and Innovation
The volume of data generated from an expanding array of sources across every segment of the oil and gas value chain is staggering. The demands of mega seismic surveys, the need for more precise and comprehensive reservoir models, enhanced real-time control over production and operations, and the transition to autonomous operations have resulted in petabytes—if not exabytes—of data previously unseen in the industry. Yet, this has led to an increasing fragmentation of data standards and workflows, which not only jeopardizes data trust and reliability but also significantly impedes ecosystems of innovators and problem-solvers from collaborating based on a single version of the truth.
A cloud-based approach to OSDU empowers the global community to collaborate and innovate rapidly and at scale. We must provide geoscientists, engineers, data scientists, analysts, application developers, and data visualization providers—even those new to the journey or not yet part of the OSDU community—the tools they need to work together in the cloud and revolutionize energy exploration.
In essence, a cohesive network of innovators using a consistent data universe is essential for helping oil and gas companies transition, evolve, and reinvent their operations. We are already witnessing remarkable achievements from pioneering energy firms utilizing Energy Data Insights™ for the OSDU® Data Platform on AWS.
Reinventing Energy with Energy Data Insights on AWS
In our unwavering commitment to OSDU, we have recently introduced Energy Data Insights™ on AWS (EDI). EDI is an open-source, standard-compliant, fully managed enterprise-level energy data platform that adheres to the OSDU Technical Standard.
AWS clients are already experiencing several immediate advantages from OSDU, such as:
- $69M in annual savings from improved efficiency in exploration, thanks to time saved by geoscience departments.
- 50% enhancement in data search workflows and discovery times.
- Efficiency gains of 50x to 100x, with interpretation workflows reducing from 40 days to just 3 days, and fault seal analysis speeding up from 20 days to 1 day.
- A threefold performance boost for deep learning subsurface applications.
- Effortless collaboration among joint ventures and investors.
- Seamless integration with machine learning and NLP engines to support AI initiatives.
These points only scratch the surface. With Energy Data Insights for the OSDU Data Platform, clients can unlock long-term value through:
- Innovation and Insights Across the Value Chain
EDI operates throughout the oil and gas value chain, providing geoscientists and engineers with timely access to insights. By eliminating data silos, EDI fosters a collaborative environment that encourages innovative data visualization and interaction, leading to better insights and decision-making across multiple disciplines and stakeholders. - Global Collaboration with a Unified Truth
Data interoperability is crucial for ensuring cohesive collaboration across all data sources, applications, workflows, and business processes. This interoperability is essential for fostering collaboration and innovation, spanning in-house exploration, reservoir management, field development, and production teams, as well as oilfield service providers and consulting partners—including innovative startups and application developers. The only way to enable global collaboration across this entire ecosystem is by providing a single version of the truth. EDI is enabling oil and gas clients to achieve unprecedented levels of collaboration by dismantling data silos, whether in the cloud, hybrid cloud, or on-premises. It’s remarkable to see what clients can accomplish when they enable true global collaboration based on a unified truth. - Data Quality Leading to Deeper Insights and Results
With EDI on AWS, you have access to tools for data management and quality assurance that meet the required data standards, providing the best possible insights for decision-making. This trust in the data, combined with the speed of EDI on AWS, results in quicker and more meaningful insights and collaboration among your geoscientists and engineers. - De-risking and Accelerating Your OSDU Journey
By collaborating with AWS, an increasing number of clients are utilizing our insights and expertise to mitigate risks and speed up their OSDU journey, achieving faster returns on their OSDU investments and establishing a long-lasting platform for global collaboration and innovation. Energy Data Insights on AWS, with its ready-to-deploy approach, proactive managed services, dynamic data mapping, and automated data ingestion using machine learning, jumpstarts your OSDU journey. - The Foundation for Successful Generative AI Implementations
Additionally, the rise of generative AI underscores the importance of investing in data platforms such as OSDU. Data is essential for enhancing the accuracy of generative AI models. Isolated data can result in a fragmented, distorted, and incomplete view of your operations, as noted by experts at SHRM.
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