Accurate Drilling Data Interpretations Brought Significant Values to a Major Drilling Project

2021 ◽  
Author(s):  
Faisal Rashid ◽  
Hamdan Mohamed Al Saadi ◽  
Shahid Yakubbhai Duivala ◽  
Steve Butt ◽  
Sultan Al Mansoori ◽  
...  

Abstract With the launch of a mega drilling project in the Middle East, the drilling data during the execution stage was collected in two formats; Low-Frequency Data and High-Frequency Data. This paper explains the effective utilization of data in the performance enhancement scheme. The paper also demonstrates the combination of Low-frequency and High-frequency data can reveal the many secrets of the drilling operations and can open the many sides of drilling operations for improvements. Low-Frequency data was entered manually at the rig-site using an improved coding system to identify the activities start and end times. High-Frequency data was collected through real-time transmission from the different data streaming services at the rig-site. Both data forms were collected simultaneously using stringent rules and close follow-ups to make sure that data collection was free of any reporting mistakes and gaps. Later, the collected data was extracted for different types of analyses and interpretations. Low-frequency data was studied in a novel way to get the best analytical and critical outcome to make sure that the right areas for improvements were identified and actions were implemented for enhanced performance. Improved operations coding system helped the team to categorize the operations and failures in an effective way to set new standards in data analysis. More than 100 different types of analyses using the best data analysis technique, such as trailing average, normalization, trends, etc., were conducted based on the information collected during the execution phase, and many new KPIs were established with challenging milestones to be achieved in the prescribed period. High-Frequency data was split into different sets of KPIs to identify the multiple Invisible Lost Time (ILT) areas to boost the operational efficiency. Various performance enhancement schemes were developed based on High-frequency data. As a result, these schemes were proven to enhance the performance of the mega drilling project. This paper discusses the novel methods of drilling data analysis based on low and high-frequency data and shows the effectiveness of the data presented in a standardized format over a period. It deliberates how the teams were challenged to enhance the performance. Such detailed data analysis will bring valuable information for the industry to utilize the conventional database in modernized ways to get the best outcomes from the data analysis results.

10.1142/6664 ◽  
2008 ◽  
Author(s):  
Roberto S Mariano ◽  
Yiu-Kuen Tse

2021 ◽  
Vol 37 (2) ◽  
pp. 318-343
Author(s):  
Dmitriy Tretyakov ◽  
◽  
Nikita Fokin ◽  

Due to the fact that at the end of 2014 the Central Bank made the transition to a new monetary policy regime for Russia — the inflation targeting regime, the problem of forecasting inflation rates became more relevant than ever. In the new monetary policy regime, it is important for the Bank of Russia to estimate the future inflation rate as quickly as possible in order to take measures to return inflation to the target level. In addition, for effective monetary policy, the households must trust the actions of monetary authorities and they must be aware of the future dynamics of inflation. Thus, to manage inflationary expectations of economic agents, the Central Bank should actively use the information channel, publish accurate forecasts of consumer price growth. The aim of this work is to build a model for nowcasting, as well as short-term forecasting of the rate of Russian inflation using high-frequency data. Using this type of data in models for forecasting is very promising, since this approach allows to use more information about the dynamics of macroeconomic indicators. The paper shows that using MIDAS model with weekly frequency series (RUB/USD exchange rate, the interbank rate MIACR, oil prices) has more accurate forecast of monthly inflation compared to several basic models, which only use low-frequency data.


Sign in / Sign up

Export Citation Format

Share Document