With the acceleration of artificial intelligence (AI) applications, the potential for improving performance in the oil and gas industry is being explored. Artificial intelligence continues to prove its value to oil and gas companies, with the AI market expected to reach $2.85 billion by 2022.
The world's first AI technology for oil and gas production optimization.
Solution Seeker, a Norwegian technology company, has made a breakthrough in the development of artificial intelligence technology and developed the world's first AI technology for the optimization of oil and gas production. After several years of studying the machine learning algorithm of oil and gas production data, Solution Seeker has developed a hierarchical neural network model, which can significantly improve the prediction ability of real-time production optimization. This model utilizes neural network learning algorithm and combines it with physics principle and production system logic.
"Traditional machine learning algorithms cannot meet the demand of oil optimization. The power of petroleum development changes with time and the development of control technology, making it very challenging to predict the optimal operation decision. In addition, the data may be both small and highly uncertain, which we have concluded early on, so we have to develop our own special model. We are very pleased to announce that we have successfully developed a real-time predictive power for production optimization model." The Solution Seeker's chief technology officer Bjarne Grimstad said.
The neural network further utilizes Solution Seeker's special data analysis algorithm, and automatically extracts and prepares appropriate training data from historical production data. When the system is running, new training data is generated in real time, with minimal manual intervention, the neural network model can learn to adapt to the change of the operating conditions.