Data is no longer just data. Its role is transformative in helping companies find oil faster, prevent breakdowns, and keep things running smoothly. Curious about how this is achieved through AI/ML and IIoT tech? Let’s dive into the details ahead.
Introduction
The oil and gas sector has always been a complex and high-stakes business. Decisions made here impact everything from global economies to energy supplies. But one thing remains constant: data drives the industry. The next chapter in the O&G industry is one ruled by data analytics and machine intelligence.
AI/ML tech and algorithms employed by cognitive systems are being used to turn oil and gas big data into actionable insights. This means these platforms ‘learn’ from the extracted data, and take decision making beyond what humans could previously fathom doing on their own. Such shift towards data analytics in oil and gas industry has allowed companies to solve problems faster and stay competitive.
The hidden potential of data in oil and gas industry
Every day, the oil and gas sector generate massive amounts of data. Drilling rigs, production facilities, and transportation pipelines create an endless stream of information. For example, a single offshore drilling rig generates terabytes of data daily through sensors tracking equipment performance, geological conditions, and safety parameters. However, much of this data remains untapped due to fragmented systems and a lack of advanced analysis tools.
This is where data analytics steps in, uncovering patterns and insights that were previously out of reach and helping businesses make smarter decisions.
Tools of the trade
Everyday wins with data analytics in oil and gas industry
Finding oil faster
Exploration is one of the costliest activities in the oil and gas industry. From locating and drilling for, to identifying oil, the whole process is time consuming and tedious.
Predictive analytics helps geologists and engineers identify the most promising locations for drilling. For example, companies like ExxonMobil leverage seismic imaging data combined with machine learning to pinpoint oil reservoirs faster. By modeling geological formations through machine learning, companies can make real-time, informed decisions. This approach not only reduces exploration costs but also minimizes the environmental impact by avoiding unnecessary drilling in non-productive areas.
Keeping operations smooth
Staying ahead of breakdowns
Equipment failures can lead to costly delays and safety risks. Big data analytics implements predictive maintenance, using data from sensors to predict equipment failures and schedule maintenance before issues escalate. Shell, for instance, analyzes data from thousands of IoT-connected sensors on offshore platforms. This system alerts operators about potential failures in pumps and compressors, allowing timely repairs. As a result, Shell has substantially saved in repair costs and avoided unplanned downtime.
Making the job safer
What’s next for data in oil and gas?
The future of data analytics in oil and gas industry looks promising. Emerging technologies like edge computing and digital twins are set to revolutionize the industry. Edge computing processes data closer to its source, allowing for faster decision-making. For example, Baker Hughes uses edge analytics to monitor remote oilfields in real time, ensuring quicker responses to changing conditions.
Digital twins create virtual models of physical assets, enabling companies to test scenarios without disrupting operations. TotalEnergies has used digital twins to simulate refinery processes, optimizing performance and reducing operational risks. As these tools become more common, the industry will continue to unlock new levels of efficiency and safety.
Conclusion: data as a game-changer
Data analytics is no longer optional for the oil and gas industry. As the industry faces rising costs, environmental pressures, and the need for faster decision-making, data analytics offers a way to tackle these challenges head-on. It’s a necessity for companies aiming to thrive in a competitive market. By turning data into actionable insights, businesses can cut costs, improve safety, and boost production.
The journey to embrace data analytics may seem daunting, but the benefits are too significant to ignore. For companies willing to embrace the change, the future offers unprecedented opportunities for growth, resilience, and a competitive edge. To learn more, book a demo.
