Houston-based technology company Datagration announces their achievement as a finalist for the prestigious Digital Transformation Project of The Year Award at ADIPEC, the world’s largest oil and gas show. The recognition underscores Datagration’s relentless focus on preparing an industry rooted in tradition into one that’s positioned for digital transformation.
Datagration’s submission, entitled “Artificial Intelligence Assisted Well Portfolio Optimization: An Automated Reservoir Management Advisory System to Maximize The Asset Value” highlighted a case study from ADNOC Onshore. It demonstrates how automation, machine learning, and artificial intelligence intersect to provide greater timeliness and accuracy with well interventions to maximize sustainable oil rates and profitability. The project is expected to yield up to $30 million of value over the next 5 years for the asset, and $100 MM USD of value over the next 10 years, if scaled up to all assets.
In its 11th year, ADIPEC exists to honor innovators and ideas that are transforming the oil and gas industry for the future, particularly as knowledge and skills of traditional processes leave the industry and the demand for sustainable energy solutions accelerates.
This year, ADIPEC received more than 700 entries from companies in over 50 countries. Projects encompass a variety of specialties, including digitalization, sustainability, innovation, partnerships, young talent, research projects, and more. A jury of global energy leaders and experts handpick the finalists for closer evaluation and selections for each category are based on creativity, practicality, and forward-thinking.
“We’re honored and privileged to be able to share the global stage with other esteemed innovators,” shares Michael Stundner, EVP of Technology, “Being a finalist for the Digital Transformation Project of The Year Award supports the value we bring to our clients in the oil and gas industry and presents a clear path to what all O&G operators can expect in the future.”
Digital transformation is defined by ADIPEC as “the application of new technologies that radically changes processes, customer experience and value.” Entry criteria for the award category specifies that organizations must recognize the importance of digitalization within the oil and gas industry AND must have successfully digitized one or more areas of their business by applying disruptive technologies. Projects must also have “successfully implemented digitalization that is...value-enhancing and has a noteworthy return on investment.” Business transformation, innovation, and the application of technology all factor into the criteria.
Datagration joins an elite group of finalists from around the world that are all committed to driving the industry forward. “We remain focused on creating standards of excellence when it comes to digital transformation in our industry,” says Peter Bernard, Chairman & CEO. “We’re excited to use this formal recognition to show other operators in the field the value and competitive advantages that digital technology is creating.”