Exxon's VP of exploration claims that AI is being used to analyze Guyana's oilfields faster.
Exxon Mobil uses artificial intelligence and new technologies to interpret seismic data from Guyana within days, rather than months, according to John Ardill, vice president of exploration at the company.
Ardill, who spoke at the Offshore Technology Conference held in Houston, said that high-performance computing algorithms and AI-driven algorithms had accelerated seismic image processing.
"We use what we called deep learning, classifying and reinforced learning. He said that we can turn these tools around in a matter of days and the interpreter will get a list of anomalies, which can be validated.
Exxon Mobil is the leader of the consortium that controls all crude and gas production. Since crude production began in South America six years ago, the country has increased its output capacity to over 900,000 bbls per day.
Ardill added that the company was able to revisit oil prospect in other parts around the world using new technologies. He said that future exploration will focus more on areas which were previously difficult to develop, but have become viable with the advancement of technology.
He said Exxon expected to complete the seismic acquisition by the end the year and assess its offshore block Trinidad and Tobago which borders Guyana. He said that the company believed that the geology might resemble Guyana or Angola.
Ardill, speaking to reporters at the conference, said that Trinidad should also have deepwater oil reservoirs.
He gave Trinidad and Tobago and Guyana as examples of governments who move quickly and offer commercial and political terms that are beneficial to both the host nation and Exxon. Ardill noted that Venezuela has a rich resource base but said that the political and commercial conditions have to be in place for Exxon's return.
He said, "It's one of the largest endowments on the planet. With investment and technology, it can be unlocked." It's all about creating the best investment conditions.
MIDDLE EST CONFLICT
Ardill stated that the world had not yet felt the full impact of global disruptions caused by the U.S. - Israeli conflict with Iran 'and the closure of the 'Strait of Hormuz. He said Exxon regularly plans for disruptions of this nature and wasn't caught off guard.
Ardill noted that "we evaluate all of these scenarios and plan" to deal with disruptions.
He said that oil and Gas Projects in the Permian Basin, and Guyana are "extremely important" when Middle East Oil and Gas is restricted.
Exxon’s break-even price for oil in the Permian Basin is less than $30 per barrel. New projects, including those planned in Alaska, must compete with that benchmark. Ardill added that new technologies could help make this possible.
He said that the challenge facing Alaska was not political or a geological one, but a commercial one.
Ardill explained that Alaska is more expensive because of its location and climate. The technology is what will unlock the resource to bring down costs. (Reporting and writing by Curtis Williams, Denver; Editing and editing by Nathan Crooks, David Gregorio and Liz Hampton)
(source: Reuters)
