Big Data Helping Oil and Gas Companies Drill Deeper

May 29, 2017

Spend Analytics

‘What lies beneath?’ is perhaps one recurring question which oil and gas companies keep juggling with. Honestly, for an industry like oil and gas which has long been dealing with huge amounts of data – a lot lies hidden in the maze of facts and figures. And, it is to use this data to their advantage, that companies are aggressively investing in visualization tools, seismic software, as well as other digital technologies like big data and predictive analytics.

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Big Data for Bigger Gains

Now, drilling a deep-water oil well is a pretty expensive affair; which is why companies do not want to end up drilling in the wrong place. One of the best ways in which the chances of error can be brought down is by resorting to the right data for the drilling process. Right from monitoring the low-frequency seismic waves, to make sure that the machines are working properly, big data helps in the efficient management of the work process thereby bringing down the total cost of operation.

Most of the machinery employed in the drilling process is sure to undergo major wear and tear during said operations. By inserting sensors in this machinery, big data simplifies the task of collecting data and seeing to it that overhead costs are reduced through timely replacement of worn-out parts.

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The technology is a boon for organizations that are vertically integrated as it streamlines processes like refinement, packaging, transport, and distribution. The complex algorithms of big data take various aspects like weather forecasts and economic patterns to allocate the resources in an effective manner. Thus, by synchronizing technological, financial, and geographical details, big data makes the entire process of drilling for oil and distribution quite seamless.

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