At present, the oil and gas industry is going through a tough time, owing to the escalation in costs and need for refinement in operational processes. In a bid to overcome these challenges, oil and gas companies have turned towards advanced technologies. Improvements in software tools are creating huge scope for oil companies to boost their production and operational processes. A huge amount of data is transmitted and collected through logging tools and sensors but hardly 1% of this data is used for making informed decisions, which indicates a huge untapped opportunity. Advanced analytics has immense potential to enhance operational processes across the oil and gas value chain, ranging from exploration to production to processing to retail, distribution, and operations at back-office. The use of advanced analytics in the oil and gas industry can help bring in a new wave of operational efficiency and help save on time, efforts, and costs. This article sheds light on four different ways in which advanced analytics ensure a competitive advantage for oil and gas companies.
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Benefits of Advanced Analytics
Information Delivery in Real Time
Seabed drilling is a complex task and requires proper planning and precision in execution. The use if advanced analytics aids in well-bottom communication. By leveraging such tools, valuable information can be communicated to the experts and the crew can perform drilling tasks efficiently. It also helps them to understand the situation and stay updated on the drilling process. This signals the team about impending issues and helps tackle these issues even before they occur. Another advanced analytics benefit is that it can transmit relevant information in real-time and help in monitoring the drilling process remotely.
Analysis of Runs
Logging and steering tools used during downhole operations have IoT sensors that can relay data on the status of downhole operations. Advanced analytics platforms help analyze the data derived from several runs that comprise thousands of observations. All of these can help predict the chances of success for any given operation. This advanced analysis further helps to understand what conditions increase the chances of failure.
Predictive Maintenance of Tools
Various equipment and tools used in the process of drilling can store and transmit data through IoT sensors. Application of advanced analytics can help in predicting the maintenance requirements through a detailed analysis of their condition after each job. Advanced analytics also aid to assess the cumulative exposure and subsequent condition of any equipment or tool. This facilitates the team to take care of predictive maintenance well in advance.
To know more about advanced analytics benefits in the oil and gas industry, speak to our experts.
Analytics Based on AI
Oil and gas companies have enormous data floating across their systems. But the sad part is they do not capitalize on that data completely. Analytics based on AI help oil and gas companies to automate the process of segregating, gathering, and classifying content and data so that they can be used across various departments in the organization. This data and knowledge help oil and gas companies to improve productivity levels by reducing redundancies and ensuring access to important data at arm’s length. AI-based analytics also help to enhance the production speed of production and to reduce risks at well site development.