The conventional reliance on human interpretation of seismic data in Oil and Gas exploration is undergoing a revolutionary transformation with the advent of Artificial Intelligence (AI) and Machine Learning (ML) software.
According to Oilprice.com, these advanced tools can “see” what the human eye cannot, identifying potential drilling locations previously overlooked. This technology disruption unlocks a new era of onshore discoveries, forever changing the exploration landscape.
In addition, leading companies like Alphabet (GOOGL), Amazon (AMZN), C3.ai (AI), Microsoft (MSFT), and IBM (IBM) are at the forefront of developing these game-changing solutions for Oil and Gas exploration.
Unveiling Hidden Treasures
Notably, MCF Energy, a North American company, is pioneering the use of AI for European natural gas exploration. Recognising the immense value of this technology, MCF has extensively deployed AI in their search for gas reserves across Austria and Germany.
MCF Energy’s CEO, James Hill, emphasises MCF’s commitment to utilising this innovative approach, highlighting its potential to unlock previously hidden treasures in the European energy landscape.
In the past, human selection of drilling prospects relied on visual cues from 3D seismic data, limiting exploration to areas with evident hydrocarbon indicators. Now, with advanced software, MCF Energy harnesses the capabilities of AI and ML to identify drilling opportunities beyond human perception for Oil and Gas exploration.
Leveraging this technology, MCF has initiated drilling at the Welchau prospect in Austria, benefiting from insights gained from a previously productive well and two discoveries in Germany. After completing the 40-day drill, MCF plans to relocate to Germany, tapping into a vast Oil and Gas play spanning over 110 square kilometres in the Lech and East Lech concessions.
This strategic move is backed by historical discoveries and three existing wells at Lech, showcasing MCF’s commitment to informed and targeted exploration.
Paradise Software for Oil and Gas exploration
Using Paradise software, MCF Energy’s key AI analyst, advisor Deborah Sacrey, has a prediction success rate of over 80% for drilling in areas that are not visible to humans on the data. According to the company, Sacrey has 9 discoveries of this nature to her name.
While Paradise software isn’t exclusive, its effectiveness requires specialised expertise. Luckily, MCF Energy has an edge – one of the software’s developers sits on their board.
This powerful tool leverages supercomputing to analyse 3D seismic data. It dissects the data into “neurons” representing different wave properties. By matching these neurons with existing wells (both productive and dry), Paradise identifies unique patterns associated with oil, gas, porosity, and other production-influencing factors.
Furthermore, according to Sacrey, Paradise analyses seismic data 15 times more densely than other existing software, allowing it to differentiate very thin beds of deposition in the subsurface and see thin streaks of porosity that the human eye cannot.
Additionally, Paradise’s Fault Detection uses deep learning and machine learning to detect faults automatically and generate attributes to extract meaningful geological information.
Moreover, the software applies Self-Organizing Map (SOM) unsupervised machine learning to reveal stratigraphic facies and their distributions. It captures facies based on distinctive seismic patterns using Convolutional Neural Network (CNN) deep learning technology.
AI’s Role in Uncovering New Resources for Oil and Gas exploration
The Oil and Gas industry is embracing AI and ML with open arms. Industry leaders see profound potential, with Forbes highlighting that the top 20 producers are implementing AI strategies across their operations.
This enthusiasm is backed by financial projections. Mordor Intelligence estimates spending on AI within the sector to have reached $2.38 billion in 2023 and is expected to climb to $4.21 billion by 2028.
MCF Energy stands at the forefront of this trend. As they prepare for their first German drilling operation, they leverage their significant AI and ML advantage. This technology allows them to target previously abandoned drilling sites – areas overlooked by major companies before the crucial shift away from cheap Russian gas in Europe.
Apart from that, Google’s cloud technology (from Alphabet Inc.) is shaking things up in the Oil and Gas industry. They are teaming up with big names like Schlumberger and Baker Hughes to help these companies work smarter. With Google Cloud, these businesses can use powerful computers and clever software to analyse data, improve exploration, and even be kinder to the environment.
Beyond Human Limits: The Future of Oil & Gas Exploration
The Oil and Gas industry is undergoing a transformative shift fuelled by the power of Artificial Intelligence and Machine Learning. These advanced tools are revolutionising exploration, enabling companies to identify previously overlooked resources and optimise their operations. While challenges remain, like ensuring responsible development and addressing environmental concerns, AI’s potential to unlock new possibilities and enhance efficiency is undeniable.
As companies like MCF Energy demonstrate, embracing AI-powered exploration can offer a significant competitive advantage in today’s evolving energy landscape. This technology holds the potential to reshape the future of the industry, ensuring a more sustainable and efficient approach to meeting the world’s energy needs.
