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Projections show energy consumption increasing by 50% in the next 25 years
Source: World marketed energy consumption is projected to increase by 50 percent from 2005 to 2030, according to a new report from the United States Energy Information Agency.
Consider that our current production systems can only extract one-third of the oil in an existing reserve
Source: Petroleum extraction is expensive and relatively inefficient—sometimes as little as one-third of the oil in a reservoir is actually recovered through pumping.
...leaving billions of barrels untapped
Source: With total oil reserves estimated to be around 1,800 to 2,200 billion barrels, about 1,080 billion barrels have been extracted between the beginnings of commercial exploitations in 1860 and 2005. Another 1,500-1,600 billion barrels thus remain to be extracted, of which 1,000 billion barrels are proven reserves, the remaining 500-600 billion barrels consisting of reasonable assumptions.
...it can cost $100 million to drill a single new well.
Source: Bob Greco, group director of upstream and industry operations at the American Petroleum Institute, said that "increasing access to those resources is an important step toward meeting our growing energy demand." But he said that goal would be offset in part by the increase in royalty payments, which he said would undercut industry's enthusiasm for drilling in deep waters off U.S. coasts, where a single well can cost $100 million.
1.5% increase in recovery from existing wells would yield enough oil for half a year's global consumption
Source: Calculation based on cited current oil reserve estimates (e.g. $1.2 trillion barrels) and consumption statistics (85 million barrels daily)
1.2 trillion x 1.5% = 18 billion
85 million x 365/2 = 15,512,500,000 <- half a year's consumption
One oilfield alone can generate the equivalent of 200 DVDs worth of data per day.
Source: An oil field can generate over a terabyte of raw data per day.
1 terabyte = 1000 gigabytes
1 DVD = 4.7 gigabytes
1000 gigabytes / 4.7 gigabytes = 213 DVDs
Smarter exploration means integrating and processing seismic, geological and other data to develop 3-D models of oil reservoirs. It means finding oil and gas reserves that previously were inaccessible - in difficult terrain or the deepest ocean waters. Repsol, in partnership with scientists from around the world, is using advanced seismic imaging technology from IBM to reveal oil and gas deposits that traditional imaging techniques couldn't see.
Source: Repsol worked with IBM to build a powerful new system capable of running the next generation of more accurate seismic algorithms—and do so faster than the rest of the industry. Leveraging advanced multicore technology, and optimizing algorithm code for maximum performance—Repsol can spot likely opportunities for oil and gas discovery more accurately and bring it to market faster... These extreme conditions make deep-water oil exploration and production an expensive proposition
Smarter production means capturing information about the volume and quality of oil or gas reservoirs before a new well is sunk or pipe is laid. It means minimizing the drilling footprint and exploration risk while improving the safety and reliability of operations. One U.S. based firm is using basin-wide seismic data and—for the first time—rock physics inversion to create a comprehensive, integrated view of potential reserves.
Source: Landmark collaborated with IBM on integrating silos of basin modeling data, seismic data and - for the first time - rock physics into a comprehensive view. The result was a decision-making framework that Landmark customers can use to increase the likelihood of finding profitable sources of oil and gas in frontier areas.
"These customer stories are based on information provided by the customers and illustrate how certain organisations use IBM products. Many factors have contributed to the results and benefits described. IBM does not guarantee comparable results elsewhere."