The Potential of Consensus Blockchain Technology to Mitigate Drilling Uncertainty

Recorded On: 08/12/2020

The Implementation of Big Data and Machine Learning (ML) processes as part of the Fourth Industrial Revolution (4IR) are already having a significant impact in the Oil & Gas Industry. Where direct access of streaming data to Big Data Systems is possible, the ML Algorithms are able to improve operational efficiency with a corresponding significant reduction in costs. Today the identification and reduction of both Invisible Lost Time (ILT) and Non-Productive Time (NPT) is even more critical than it has ever been in the past as many projects strive to maximise the rate of return on investments.

However, many remote sites are linked to Big Data Systems through a lower bandwidth satellite system, resulting in loss of data granularity and time lags that make the response times of analytical solutions based upon ML processes too slow to be of any immediate value to the well construction process. As a consequence, it is vital to move the ML Algorithms as close to the source of the data as possible. Edge processing on high speed data as close as possible to Rig Sensors is the new paradigm shift of the Drilling Environment

The remote site is often a complex environment with multiple equipment assets providing data in a wide variety of formats and frequencies. The Edge device needs to be capable not only of acquiring, aggregating and analysing these data flows, it must also be capable of managing delivery rights for that data, and ensuring compliance with Operator Corporate Cybersecurity policies

An existing 4IR technology called Blockchain, which was originally developed as the fundamental basis for digital currencies, is now being applied to the Engineering World with considerable impact. The offerings of the blockchain distributed ledgers, such as their security and immutability, makes them ideal for monitoring the right of transfer and access to the high volume sensitive and confidential data that is recorded at the remote sites today. By virtue of the Blockchain Smart Contracts mechanism, it also provides a means whereby the ML models can be distributed to the Edge device and Activated

This webinar will examine the potential for the use of Blockchain to help the process of mitigating Drilling Uncertainty, and will show several case studies.

All content contained within this webinar is copyrighted by Jon Curtis and its use and/or reproduction outside the portal requires express permission from Jon Curtis.

Jon Curtis

Founder/Chairman, B2B Matrix and Founder, Petrolink Group

Jon Curtis is the Founder and Chairman of B2B Matrix, a company focused on the Implementation of Block Chain in the Energy Sector. He is also the Founder of the Petrolink Group, which specializes in Data Acquisition and Management Solutions for the Upstream Oil & Gas Industry. He is a member of numerous professional organizations and is the current Liaison Officer for the SPE’s Drilling Uncertainty Prediction Technical Section (DUPTS). Mr. Curtis is the author of multiple SPE papers including those concerning the data architecture of real-time drilling and completions information and the integration of real-time drilling sensor data with drilling reporting data. He holds a Master’s Degree from Oxford University where he studied Metallurgy and Materials Science.

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Webinar
08/12/2020 at 9:30 AM (EDT)   |  90 minutes
08/12/2020 at 9:30 AM (EDT)   |  90 minutes
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0.15 CEU/1.5 PDH credits  |  Certificate available
0.15 CEU/1.5 PDH credits  |  Certificate available