Predictive Analytics for Upstream Energy
Mon, 12/10/2007 - 10:30am
NuTech Solutions, which specializes in advanced predictive analytics for the petroleum industry, has been explaining the benefits achieved by upstream energy companies using predictive analytics software. Company upstream energy experts have been showcasing predictive analytics solutions (www.nutechsolutions.com) deployed by exploration and production companies. For example, in a panel presentation moderated by Occidental Petroleum at the DEC 2007 event earlier this year, the benefits of Workover Resource Planning were enumerated. Using predictive analytics for the simulation of resource requirements, Oxy gained improved visibility into future resource requirements and increased efficiency in decision-making with an objective evaluation of possible workover program scenarios and resource trade-offs.