Emerson Electric : and QRI Launch Cloud-Native Analytics Software for Reliable Reservoir Opportunity Identification
12/01/2020 | 01:17am EST
Speedwise Reservoir Opportunity applies advanced algorithms, data mining and workflow automation to cut the amount of work required to identify field development opportunities from months to weeks. High resolution image
Streamlined Opportunity Identification & Ranking with Speedwise Reservoir Opportunity
Emerson has announced the release of SpeedWise Reservoir Opportunity (SRO), a fully-automated, cloud-native analytics solution developed in collaboration with Quantum Reservoir Impact (QRI).
The solution applies advanced computational algorithms and data mining techniques to multidisciplinary data to increase production, reserves and capital efficiency. Workflow automation cuts workloads from months to weeks, resulting in shorter decision-making cycles and better risk management.
Streamlined opportunity analysis maximizes return on capital investments, shortens decision cycles and lowers risks
HOUSTON, Texas (Dec. 1, 2020) - Emerson announced today the launch of SpeedWise® Reservoir Opportunity, a fully automated, cloud-native reservoir analytics solution developed in collaboration with Quantum Reservoir Impact (QRI). The software is unique in how it applies advanced algorithms, data mining and workflow automation to cut the amount of work required to identify field development opportunities from months to weeks. The comprehensive solution helps oil and gas companies achieve greater return on investment by shortening decision-making cycles and delivering better risk management.
'In today's turbulent marketplace, our goal is to give customers meaningful analytics to maximize efficiency, optimize reservoir management, and promote digital transformation across the exploration and production landscape,' said Steve Santy, president for exploration and production software at Emerson. 'By combining the power of analytics with deep oilfield expertise, SpeedWise Reservoir Opportunity provides oil and gas operators with the knowledge needed to better identify opportunity criteria and develop more reliable field development planning.'
The SpeedWise Reservoir Opportunity solution features automated geo-engineering workflows for identifying and ranking recompletion, vertical sweet spots and horizontal wells. By analyzing historical field performance and benchmarking against analog assets, the flexible framework intelligently picks the optimal parameters for the identification process, tailored to address the unique geological and engineering challenges posed by each field.
'SpeedWise Reservoir Opportunity is digital transformation at its best, allowing asset teams to become hyper-efficient in managing reservoirs. Oil and gas professionals can now identify field development opportunities with 10 times the speed and accuracy compared to present industry norms. Using AI, advanced analytics and automation of complex workflows to deliver capital savings - that is a game changer,' said Dr. Nansen Saleri, Chairman and CEO, QRI.
Using SpeedWise Reservoir Opportunity, reservoir teams can break down multi-disciplinary silos to help mitigate missing and incomplete data for more confident development planning. The software provides a secure cloud-based environment, resulting in much more efficient teamwork, where reservoir teams can collaboratively visualize and analyze ranked opportunities. Once ranked, results can be accessed through an interactive visualization dashboard for collaborative analysis and validation.
SpeedWise Reservoir Opportunity is licensed as a software as a service solution, accessed online via subscription. Emerson is the exclusive global distributor for this application.
Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and engineering company providing innovative solutions for customers in industrial, commercial, and residential markets. Our Emerson Automation Solutions business helps process, hybrid, and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Our Emerson Commercial & Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency, and create sustainable infrastructure. For more information visit Emerson.com.
Emerson Electric Co. published this content on 01 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2020 06:16:01 UTC