ConocoPhillips has revolutionized its decision-making process for non-operated Permian Basin assets by leveraging automated artificial intelligence (AI) and machine learning (ML) workflows. This innovation enables the company to rapidly screen opportunities and respond to asset operators with economically sound decisions within the decision-making window. The AI-driven workflow considers complex factors such as well communication, spacing, and bench performance to plan reserve exploitation. By integrating geological, completion, development, and performance data, the workflow significantly elevates the decision-making process in unconventional reservoir development. This automation has reduced decision turnaround from days to hours, allowing ConocoPhillips to make informed decisions based on economics rather than deadlines. In an industry where profitability can be “off the charts,” this technology has the potential to transform the way companies approach resource development.
AI-Driven Workflow Boosts ConocoPhillips’ Permian Basin Decision-Making
The workflow “significantly elevates the decision-making process in unconventional reservoir development, spanning a wide array of tasks such as resource and reserve evaluation, field surveillance, development planning, and project decision-making.”
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