Saudi Aramco recognized as a leader in the Fourth Industrial Revolution
Submitted January 21, 2019 at 06:34AM by anjani_oges
via reddit http://bit.ly/2REDPTS
Automated seismic interpretation software
Hey, am a Computer Vision engineer looking at interesting side projects to build.
I stumbled upon this video where a salt body interpretation is done automatically with some interesting image processing techniques:
I imagine similar analysis can be done for the oil and gas field.
My question to you is, would there be interest in a tool that performs this type of analysis? Do such tools already exist? Are there any other similar software you wish existed?
An example use case would be the user provides data, marks some interesting regions, and lets the tool build out a full 3D map of similar regions based on learned patterns – taking out the repetitive nature of manual interpretation
Submitted January 20, 2019 at 04:11PM by deephak
via reddit http://bit.ly/2W67uni
The oil market has shaken from OPEC forecasts
Oil prices resumed their decline in trading on Thursday against the backdrop of a monthly OPEC report on the market state, in which the cartel, which controls a third of global production, has worsened forecasts again.
The price of the March contracts for Brent fell by 1.9% to $ 60.18 per barrel, and during the session it almost broke the mark of 60, stopping 4 cents from it. Futures for WTI fell 2.2% to $ 51.42 per barrel. The Russian Urals managed to slow down the movement a bit: if it was sold 13 cents cheaper than Brent the day before, then on Thursday it was only 3 cents.
Having jumped by 20% at the beginning of the past year, the oil market ran into the wall at about $ 60 per barrel for Brent.
At the end of 2018, production in countries outside the cartel increased by 2.6 million barrels per day, while global demand increased by only 1.5 million barrels per day.
In 2019, the imbalance get worth: non-OPEC countries, primarily the United States, will add 2.1 million barrels of daily supply to the market, and demand growth will slow to 1.3 million barrels per day. This is 0.7 million barrels less than OPEC pumped in December (31.5 million barrels per day).
At the same time, production declined radically – by 751 thousand barrels per day, mainly due to Saudi Arabia, which reduced deliveries by 451 thousand barrels daily.
OPEC is losing its positions on the oil market. OInvest experts predict American companies will fully control the price of oil in the near future.
Submitted January 18, 2019 at 08:43AM by Oinvest1
via reddit http://bit.ly/2HjOXRl