The Oil, Gas and Energy industries are seeing a sea of change in their operations. Large volumes of data are a fact of life for the Oil, Gas and Energy industries. Seismic surveys alone can account for many terabytes of data requiring specialized hardware and software systems to deal with them. In the recent years the worldwide data has exploded and one of the foremost industries which have been at the forefront for using data analytics has been the Oil and Energy industry. The challenge in the Oil and Energy industry is different because of the speed at which the data needs to be processed. It requires not just Big Data but fast data and with increasing data volumes, the speed demand is as intense as a financial trading system.
Speeding Up Operations with Data Science
Data analytics has become a hot area as oil and gas companies look to monitor drilling and production. There are new techniques that are being used to interpret the data. There is an increase in sensors and monitoring systems that are flooding the system with real time data that is needs quick organization and processing in order to match the pace the work to increase productivity and profitability. The use of data analysis in predicting demand allows for ramping up or slowing down of production to have a more optimal supply, that is a supply to more closely match actual current needs rather than an oversupply or shortage. Continuous analysis of equipment can lead to improved predictive maintenance abilities, which results in lower operational downtime.Efficiency can be gained in production optimization and drilling operations through real-time analysis of multiple sensors.
The Data Team understands that the industry deal with ever-changing market fluctuations and demand center shifts. So the key to navigating these is nimbleness and managing the dynamic pace of change in the industry today – with data analytics at its core.