Presented by: Francisco Ortigosa
, Director Innovation Technology, Repsol (delivered at EAGE 2019)
Digital Transformation is reshaping our industry to increase the profitability of our business. While exploration success rates have remained constant throughout the industry with an average rate of 30%, economic success rates have plummeted to below 5% over the past 10 years. One of the consequences of this is that the average IRR of projects is south of 5%.
One of the reasons for this is that in Geoscience, regardless of technological advances in the field of quantitative practitioners, most exploration decisions are made by generalist practitioners. Digital Transformation will empower qualitative practitioners because it will provide them with tools and experience that in the past was concentrated in the hands of a few skilled specialists. In particular, interpreters will be able to accelerate their work using very sophisticated tools, now available thanks to High-performance Computing that will be available to them through the Cloud.
All of this is part of a broader technological democratization. This is a significant change from the way the industry has worked in exploration over the past 30 years. Repsol is fully engaged in the process of democratizing technology by making available to all seismic interpreters, all of the technology developed under the award-winning Kaleidoscope Project. Seismic interpreters will no longer be trapped in repetitive tasks with no apparent added value to the business. They will now be able to engage in scientific tasks where innovation and creativity are a routine part of their daily work.
The strategic partnership between Repsol and Emerson is a material component of the technology democratization process in Repsol, as all technology developed under the Kaleidoscope Project will be incorporated into the Emerson SeisEarth platform, the corporate platform chosen by Repsol for all its exploration work.
*This presentation is 42:27 minutes.