Until We Get Rid of Fossil Fuels, Can Data Make Them More Efficient?

A few months ago, we had on the show an economist who specialized in the energy sector. She noted that while the Trump administration had put drilling rights the Alaska Natural Wildlife Refuge, or ANWAR, on the block, there wasn’t much interest from the oil industry, and, more generally, the Arctic and other cold climes, presented logistical—and therefore financial—problems for oil companies. 

To be sure, oil companies have been drilling in the frigid North Sea for decades, but that doesn’t mean it’s been easy. For example, at BP’s Valhall oil field in the Norwegian sector of the North Sea, drilling began in 1982, and the company is still pulling 8000 barrels per day, but losses are considerable—or have been until BP began working with a data science company. Yes, a data science company. 

Further out, in the middle of the North Sea, another set of BP oil fields, known as Alvheim, has been rediscovered to have greater reserves than previously thought. There, the same data science company optimized a calibration process and in so doing reduced production losses and saved BP considerable money. 

The data science company’s work isn’t limited to oil and gas. For example, it recently won a research contract with the California Energy Commission to use modeling and data analytics to help it improve production efficiencies in 

wind energy.

The data science company is called Cognite, and my guest today is its Senior Director in charge of Energy Industry Transformation, Carolina Torres.