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The Oil & Gas sector leverages the power of big data

The Oil & Gas sector leverages the power of big data

The process of discovering and producing hydrocarbons is a technically complex and economically risky proposition. It also results in the creation of huge amounts of data, and hence the increasingly analytics driven industry is looking at upgraded technology to consolidate and interpret the data.

This information would be vital in locating new resources, improving asset value, enhancing recovery rates and decreasing environmental fallouts.

The power of big data provides the industry several benefits:

• Match real-time down-hole drilling data with data from surrounding wells to replicate their drilling strategies.

• Information on weather, pressure, vibration, and temperature of wells will lead to new opportunities.

• Identify discrepancies on the basis of several conditions, forecast the probability of drilling success, execute predictive maintenance and provide automated alerts to decrease downtime.

• Enhance reservoir output by following up on information from seismic studies and production systems.

• Increase the safety of available infrastructure.

• Facilitate information sharing leading to improvement in overall operational efficiency.

• Cut costs and streamline supply chain process.


Skilled manpower

The Oil & Gas conglomerates are investing heavily on equipment having advanced sensors to collect data, and hence would expect a certain ROI. This would be possible only if hardware and software with better processing power are available. Even then, trained personnel with ability to process and match unstructured data from multiple sources are in short supply.

Safeguard of Asset

The focus is predominantly on generating value from big data, but in the process, safeguarding of assets is often neglected. Attention should be given to fixing the ownership of collected data.

Restrict access to information

The internet has enabled the sharing of information across a wider audience. Hence, firms must initiate measures to protect information.

- Jess Potts
Published on:
September 1, 2014
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