As promised earlier this month we are re-visting the topic of solutions provided by Aquima for petroleum companies. We discussed many of the problems that petroleum companies faced and their solutions, today we are going to take a different approach where instead of providing solutions for existing problems we are going to look at the innovation aspect of Aquima.
One of the most innovative and useful tools offered by the Aquima system for the petroleum industry is the oil search engine. This is truly an amazing feature, with the ability to predict oil rigs with a very high level of accuracy. The process is a very simple one, data is collected from all previous successful (and unsuccessful) oil searches and through the powerful AI (artificial intelligence) of Aquima a number of highly plausible oil fields locations are drawn up.
The high level of accuracy associated with the application can instantly reduce the cost connected with the initial stage of searching for oil. While the application does not claim that major saving will be made in the testing phase, the savings are made in the initial stages where most companies would rely on costly methods of searching for oil from geologists. Using of powerful computers and data based on endless research a where the smallest mistake would lead to millions of dollars being wasted.
Many companies suffer more than the cost of the investment when drilling into an empty well, it is often that the after effects that are far greater and more costly. The damage to company reputation would certainly lead to share price deflation, hindering the business's ability to secure new investors and keep existing ones. As seen recently a British based company's share price fell by 60% overnight after discovering that a promising oil well was empty.
While the oil search engine application does not save costs after the intial stage there are many tools in the Aquima BPM system that do, these will be discussed in greater detail in the coming weeks.
Guest post for January 11th 2011
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