April 5, 2021
Industry fast adopting AI-based technology as a path to higher profits and production
Many oil and gas companies have been undergoing digital transformations with the goal of driving down inefficiencies, increasing production, and improving return on capital employed. While the oil and gas industry has been slower than other industries to adopt AI-powered technologies to reap bottom-line benefits, that’s beginning to change. Companies like Shell have been making investments in technologies that harness AI and in 2020 reported $2 billion in profit margin increases, cost savings, and production increases as a result of their digital technology initiatives1.
One operator saved $30M in reduced cycle time and time to first oil by adopting a modern scheduling tool
We at Actenum have heard similar jaw-dropping claims. Within the first two years of using our AI-powered scheduling software, one of our users at a super major saved the company $30 million due to cycle time reductions and time to first oil, as well as saving 1,000 person-hours/year. Those are impressive numbers, all from adopting a modern scheduling tool that harnesses AI. In our software, AI is used to rapidly evaluate thousands of schedule combinations to automatically build optimal schedules that maximize production, reduce white space and align with other business objectives. You can’t do that with a spreadsheet.
The AI-powered optimizer does the heavy lifting of schedule building
Trying to schedule complex well delivery activities using a manual spreadsheet or other tools that aren’t fit for purpose is ineffective and inefficient. Actenum’s AI-powered optimizer does the heavy lifting of assembling a complex schedule and automatically takes into consideration all business constraints within minutes, not days or weeks. This frees the scheduler to spend their time and expertise fine-tuning the schedule once the optimizer has it built. And unlike simple scheduling tools, Actenum’s scheduling software gives you a 360° view of the schedule, helping you see your upstream operation from different perspectives so you can make more informed decisions that have a bottom-line impact.
AI is the next step in the oil and gas industry’s digital transformation process. If you’d like to see how Actenum can help you leverage AI to transform your drilling program scheduling, contact us at email@example.com.
Vice President Business Development
1 Houston Chronicle – “Energy Industry Gets Smarter with AI,” March 19, 2021