Friday, December 2, 2022

Data Is the New Oil, Even for the Oil and Gas Industry

By Meeta Ramnani - June 04, 2019 3 Mins Read

Oil and Gas corporations have been using multiple sensors across their platforms, and that is an unending source of data. Leveraging this data could provide extremely deep insights, adding value to every strategic growth decision

The Oil & Gas business is extremely competitive and in an extraordinarily regulated setting. Oil & Gas corporations are compelled to increase production, scale back the impact of environmental risks, and optimize prices. This industry is also advanced; the business is knowledge-driven with data and knowledge volumes growing exponentially.

Businesses now have to manage and collect a lot of data than ever and struggle to store, analyze, and find useful insights into these volumes of knowledge. Upstream organizations, work structured and unstructured knowledge at the same time. In such situations, the conventional analysis tools sometimes fail. But, with proper infrastructure and tools, enterprises in this sector can get measurable outcomes from the data.

Read More: Six Industries That Have Benefited By Big Data Analytics

Companies in the oil and gas sector conduct advanced geology modelling and even 3D and 4D simulations. This data is quite crucial throughout the exploration phases. Corporations enterprises closely monitor the performance of their operational assets with tens of thousands of sensors in submarine wells and surface facilities to continuously and periodically observe their assets and environmental conditions. The data is coming back from sensors, spacial and GPS coordinates, seismal knowledge, weather services, and various measurement devices. Though this is excellent data, it comes in diverse and in advanced forms that are a challenge to interpret as a whole.

By combining extensive knowledge and advanced analytics for Exploration and Development activities, consultants and managers can better perform operational and strategic decision-making.

Structured information is that which is handled with specific applications accustomed manage to live, process and imaging, reservoir modelling, exploration designing, production, and alternative upstream activities. However, majority of this knowledge is either unstructured or semi-structured which includes emails, spread sheets, data processing documents, voice recordings, images, multimedia, and knowledge market feeds, that is challenging or expensive store in traditional knowledge warehouses and analyze.

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To support decision-making, Oil & Gas corporations require tools that integrate and synthesize various data sources into a unified whole. Once processed, the data can be leveraged to predict future performance, or to spot sub-par production zones. Oil recovery rates can be improved and by integrating and analyzing seismal, drilling, and production knowledge that can produce self-service business intelligence for reservoir engineers.

One of the most significant benefits to production that big data can bring in is enhancing oil recovery from existing wells. Analytics might be able to facilitate the reservoir engineers to map changes within the reservoir over some time. Data can also provide decision making support to production engineers to create changes in lifting ways.

Experts suggest that big data analytics can also be utilized to forecast the production at thousands of wells. Even in the case of aging wells, big data can help plan production threshold.

Big data analytics also provides real-time production optimization. With technique management systems and analytics tools combined, big data can facilitate Oil & Gas producers to optimize resource allocation and help to work out optimum trade goods evaluation. Big data can also detection the well issues like slugging, WAG gas breakthrough before they become severe and improve safety and forestall risks.

Read More: Qubole Partners with Google Cloud to Advance Data Analytics


Meeta Ramnani

Meeta Ramnani is the Senior Editor with OnDot Media. She writes about technologies including AI, IoT, Cloud, Big Data, Blockchain across various industries with a focus on Digital Transformation. An avid bike rider, Meeta, is a postgraduate from Indian Institute of Journalism and New Media (IIJNM) Bangalore, where her specialization was Business Journalism. She carries four years of experience in mainstream print media where she worked as a correspondent with The Times Group and Sakal Media Group in Pune.

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