Join us for OspreyData’s first webinar in a series discussing the emerging AI revolution in Oil & Gas. Our Data Scientist Venkat Putcha (PhD, Penn State) and VP of Client Services Tim Burke will be demonstrating OspreyData’s latest innovations in Production Optimization and the potential ROI of implementing these AI-based solutions across fields and plays.
Mike Pennell, Venkat Putcha and Jeff Hsiung of OspreyData’s Data Science team
OspreyData’s Data Science team presents at Society of Petroleum Engineers Western Regional Meeting
Mike Pennell, Jeff Hsiung and Venkat Putcha of OspreyData’s Data Science team presented at the SPE Western Regional Meeting, one of the Oil & Gas industry’s leading events, on April 25, 2018. The team presented a poster on OspreyData’s novel Human Augmented machine learning methodology and fielded questions by interested engineers & experts in the Oil & Gas industry. The audience showed a high interest in OspreyData’s applied neural networks, random forests and other machine learning models for detection of failures and suboptimal states in rod pumps. Jeff Hsiung’s presentation about using Convolutional Neural Networks for Dynacard description, an implementation very similar to image recognition used by smartphones and ID scanners, sparked more interest in conversations.
Their accompanying paper “Detecting Failures and Optimizing Performance in Artificial Lift Using Machine Learning Models” dives into the work they’ve done in diagnosing and predicting Artificial Lift problems using machine learning. This scope covers common tubing and pump failures along with sub-optimal performance of sucker rod pumps and and gas injection units.
These achievements are just the beginning of the valuable work in machine learning based failure prediction they are contributing to the field.
Read the full paper here: OnePetro.org
Venkat Putcha and Jeff Hsuing answer questions with attendees
Mike Pennell chats with audience members about OspreyData’s Human Augmented machine learning methodology
Venkat Putcha chats with conference attendees
OspreyData Raises $5 Million in Series A Financing led by Houston Ventures
Leading Energy VC firm Houston Ventures and others invest in OspreyData’s
Expert-Augmented Data Analytics platform for Oil and Gas
OspreyData announced a $5 million Series A growth financing led by Houston Ventures with participation from existing shareholders. “This investment will help support our technology leadership position and the further adoption of our unique Expert-Augmented Machine Learning methodology and platform. We will continue to grow the sales and services teams to meet the needs of our global Oil & Gas customers,” commented OspreyData CEO John Burke.
Fred Lummis, Junior Partner at Houston Ventures, said OspreyData was a perfect fit for their fourth fund that targets inefficiencies in Oil & Gas operations. He states, “OspreyData’s hardware-agnostic analytics platform has the ability to deliver massive ROI by leveraging existing production asset data streams to transition operators to an active monitoring program that reduces asset downtime and optimizes well performance. The enthusiastic response from early customers signals a positive shift in the industry’s willingness to adopt Machine Learning-powered analytics solutions that augment the performance of their human and machine assets.”
OspreyData’s core value proposition is maximizing uptime of critical Artificial Lift assets by bringing engineers and operators early detection of key problem states. OspreyData has leveraged the knowledge of leading Oil & Gas industry experts, positioning them alongside Data Scientists to create powerful models capable of predicting problem states with real-time data. OspreyData works with clients in stages, helping them evolve into data-driven producers without requiring proprietary hardware or exorbitant capex investments.