Five benefits of big data for oil and gas companies
All energy organizations generate and collect ever-increasing amounts of different data from numerous sources. Analyzing what is actually useful among those incoming streams is crucial. Why? We all know that business is about numbers, and only proper data management enables you to grow those numbers. It empowers you with unique information that you can leverage to remain on top of your game in all areas of field development.
Better business planning and proactive decision-making
Oil and gas operations are complex and require bulletproof planning with large investments. Ernst & Young (EY) states that companies could unlock over $145 million in profits annually by implementing a coherent data processing model. Thus, timely data analysis across your entire production chain lets you avoid missing out on critical signs. You get crucial field insights that help improve planning for every activity and make better business decisions.
Improved productivity and faster operations
Petroleum companies often struggle with orchestrating a value chain proactively because they lack agility in enterprise data management. Technology that correctly interprets real-time information and transforms it into advanced oil and gas data analytics can optimize well efficiency and accelerate extraction and delivery. A proactive approach to data management helps improve every area from exploration, land management, and drilling to operations, assets performance, and overall productivity.
Predictive maintenance and reduced operating costs
One of the biggest advantages of big data oil and gas analytics is that it facilitates predictive maintenance of your sites 24/7. It opens the door to business resilience by allowing you to monitor vital metrics and collect data from your distributed assets remotely. Being able to anticipate failures prevents your company from downtime and ensures a competitive edge in the long run.
Consequently, production chain governance enhanced with oil and gas data analytics tools reduces your operating costs. You gain comprehensive control and visibility of all equipment and processes. Artificial intelligence (AI) and machine learning (ML) algorithms discover areas for improvements, streamline maintenance routines, and predict outcomes. This lets you set up a faster response cycle, effectively addressing potential disruptions.
Inventory optimization: future-proof supply chain
An ability to forecast your assets’ optimization needs can strengthen an entire supply chain and boost its efficiency. By anticipating and responding intelligently, you will substantially refine the observability and predictability of your inventory demands. Prescriptive analytics helps maximize resources’ productivity, prevent delays, and automate inventory requests. Hence, big data can increase your revenue through better capacity planning and inventory management.
Better environmental impact and working conditions
The World Resources Institute research revealed that companies need to halve their greenhouse gas (GHG) emissions by 2030 to reach net-zero targets. This may sound challenging, but with big data, oil and gas enterprises can reduce emissions significantly and establish a safer and more responsible production. Streamlined data management is a way to improve environmental impact by ensuring operational stability and integrity.
With critical oil and gas data analytics on their portable devices, your team will be better prepared for every field trip. Well operators will be able to schedule and monitor most operations remotely, preventing critical incidents and avoiding hazardous situations. It will allow you to save expenses by reducing the need for physical site visits.
Now, a reasonable question would be how can you start harnessing the full power of big data in oil and gas enterprises?
Navigating the data abyss: four actions to take
We have analyzed decades of personal hands-on field expertise to identify essential steps you should take to guarantee the rapid adoption of oil and gas data management and capture the maximum value.
Select the right tools that reduce costs, rather than add to them
Look for modern but affordable solutions that collect and analyze field findings 24/7, providing valuable insights. To save costs even further, you can try a Data Management as a Service (DMaaS) model. Companies that offer DMaaS, provide cloud-based, price-for-value platforms that integrate with existing corporate systems quickly and seamlessly. Such oil and gas data analytics software unifies all types of information into one fully transparent and accessible ecosystem.
Turning gigabytes into more barrels with the help of big data experts 72% of workers from business-to-business (B2B) companies state that managing information flood is one of their top challenges. You will need skilled data engineers and scientists to be able to unlock the potential of big data and prioritize assets. Poor input data should be eliminated to establish mature data management. Therefore, strengthen your team with professionals who can enhance data quality and reinforce governance strategies, even for the most complex business challenges.
Anti-crisis policy: create a cybersecurity shield
In the era of cybercrimes, it’s better to have a well-developed risk mitigation plan to ensure the safety of all data you process. We recommend establishing cutting-edge IT security policies that cover all the aspects of sensitive information disclosure, software usage, liability, and data recovery. Train your staff to follow cybersecurity and bring your own device (BYOD) rules. Engage experts to monitor installed platforms, perform protection health checks, and implement the latest trends and tools. If you need assistance, we have a cybersecurity team ready to help you right away.
Talent development — ensuring your employees avoid burnout
In the EY “Oil and Gas Digital Transformation and the Workforce Survey 2020”, 92%of executives named the ability to reskill quickly crucial. You will need to help your colleagues adapt to new tools promptly and effortlessly. There can be no cutting corners when it comes to employees’ upskilling. Encouraging them to embrace analytics technologies and enhancing their productivity with proper education is essential.
Business value delivery: The data is on its way
We cannot predict the future, but one thing is clear: enterprises will require agile long-term strategies and more informed executive decisions to succeed. Continuous oil and gas data collection with its intelligent analysis and management is the most efficient, holistic approach that provides tangible benefits. Information is power. Take control of your data and lead your company to win the race against the economic toll.