Greenojo’s AI-ML solutions for crude oil production forecasting utilize advanced algorithms to accurately predict future production levels, aiding in operational optimization and resource planning.
Overview
Business Challenge
Key challenges in crude oil production forecasting include:
- Inaccurate forecasts lead to inefficiencies, resource mismanagement, and financial losses.
- Precise predictions are essential for balancing supply and demand and planning maintenance.
Business Objective
Enhance forecast accuracy to improve planning and resource management.
Solution
Greenojo’s comprehensive solution incorporates the following components:
- Historical production data combined with AI/ML models.
- Real-time forecasting updates.
- Seamless integration with enterprise systems
Business Value
Implementing the solution leads to several benefits:
- Accuracy improvement up to 20%.
- Enhanced resource allocation and operational efficiency.
- Reduced operational costs by avoiding overproduction and underproduction.
