This data-file summarises progress using machine learning to maximise production from mature wells by detecting errors and optimising production. The algorithms are getting more accurate.
Methodology. First, we tabulate the accuracy of prior ML studies, touching on initiatives from Equinor, Conoco and Concho. Next, we focus in on an excellent, recent technical paper, achieving 5-10% production uplifts using machine learning to optimise 300 wells at the Bahrain oilfield.
Hence we constructed a simple model for digitising rod pumps: we estimate $100k of NPV can be created through instrumenting a typical rod pump well early in its life.
Global decline rates can be lowered by c100kbpd per annum for over a decade, using these improved algorithms.