Digital Transformation in Petroleum Economics: An Essential Reality

This webinar will review the evolution of petroleum economic tools, highlight the recent advancements in technology, and explore future possibilities. We will discuss how digital transformation impacts not only the work of the petroleum economist; but improves the quality of decision making in their organizations. Lastly, we highlight the practical pathways that leading oil and gas companies are taking to make digital transformation in Petroleum Economics an essential reality.

Petroleum economics is pivotal to an oil and gas company’s analysis and evaluation. It is essential for business-critical processes, such as Year-End Reserves, Stage Gate and FID Decisions, Business Planning, Portfolio Analysis, and Impairment Reviews, to name a few.

With the bygone days of “Easy Oil” and in this new “Digital Age” with an abundance of data and cloud computing, it is critical that petroleum economists and their tools and processes keep up with the times. The need for working in a multi-disciplinary team so as to be responsive to constant change means the days of siloed petroleum economists manually gathering inputs via email and working with their “prized” spreadsheet are (or absolutely should be) long gone. Instead, the economic analysis need to be contextual, rigorous, dynamic, consistent, and perhaps most importantly insightful.

What will you learn?

• A brief history of petroleum economic systems.
• The difference between Big Data and Right Data.
• How to value different data types for your role.
• How technology can help leverage expertise within your organization.
• New digitalization concepts like economics as a service.
• How transforming business processes can improve cycle time and lead to better decisions.
• The steps taken by leading companies to make digital transformation take hold and stick.