One of the greatest strengths of predictive analytics is enabling employees, contractors, and business partners across different teams to share data and insights across related projects. This type of successful collaboration has helped fuel impressive production results for TIBCO Spotfire client Kuwait Oil Company.
Since its inception in 1934, Kuwait Oil Company (KOC) has been involved in exploration operations, onshore and offshore surveys, the drilling of test wells and the development of producing wells, in addition to crude oil and natural gas exploration.
At KOC, the use of predictive analytics and iterative collaboration between engineering teams has dramatically improved their collective understanding of production conditions.
For instance, prior to using predictive analytics, engineers for KOC had a difficult time developing empirical production forecasts that were aligned with field development of new gas and oil resources.
The use of spreadsheets and other manual techniques to forecast production and output didn’t provide up-to-date information on variables such as weather and equipment issues that can impact actual output.
As a result, this often led to gaps in output versus forecast, thus making it difficult for KOC project teams to forecast with any degree of accuracy what the anticipated output would be, based on shifting circumstances. In addition, KOC engineers also had a difficult time identifying the pattern performance of water flooding in which water is injected into oil reserves for secondary oil recovery.
Through the use of collaborative predictive analytics, KOC engineering teams have been able to dramatically improve short-term forecasting through their use of current data and the ability to visualize production gaps and the factors contributing to them.
Meanwhile, the use of predictive analytics and data visualization and data discovery tools have also enabled KOC engineers to identify performance gaps and cross-validate models used for water flooding efforts.
The combination of these improvements has enabled KOC to generate more than $400 million in production ROI improvements in just two years. Not only have KOC engineers gained deeper insights into production output and forecasts through analytics, they’ve also been able to create better workflows that are fostering continuous improvement across complex operating environments.