Probabilistic Forecasting Solution Helps BP Manage Oil Field Costs and Risks

Overview

Founded more than 100 years ago, BP is both a pioneer of the oil industry and one of its leading innovators. Oil and energy markets have been going through dramatic changes in recent years. Crude supplies are becoming harder to find outside areas controlled by national oil companies, forcing private-sector oil companies like BP to reach into some of the most remote corners of the earth, and drill to depths never thought possible before. After experimenting with a number of probabilistic forecasting solutions, BP adopted an easy-to-use application called Crystal Ball, one of a suite of business intelligence applications from Oracle.