Operators in the global oil and gas industry find and extract crude oil and natural gas from global reserves beneath the earth’s surface. Since the last few years, there has been a violent fluctuation in the prices of crude oil and natural gas. Therefore, the overall value of the global oil and gas industry is expected to decline.
Companies in the oil and gas industry can improve their operational efficiency by almost 20%, only if they can analyze and understand all the data that they produce. Recent research shows that big data analytics will be one of the most impactful technologies to boost the growth of the oil and gas industry. Big data analytics has historically been considered by the oil and gas industry companies to be very useful as it can help analyze people’s behavior, their buying tendencies, and sentiments, etc. Companies in the global oil and gas industry are quite familiar with the ability of big data analytics to deal with increasing volume, variety, and velocity of data. Big data analytics is set to play a crucial role in this sector to optimize business decision making and innovation. A recent report states that the demand for big data analytics will increase every year. And one year from now, it will be transforming market strategies.
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Today, one of the primary assets of any successful and prospered society is a low-cost energy source. But it is very important to understand what drives the low cost. Low-cost energy can be produced by having greater supplies than demand. A large amount of data is involved in this process and the oil and gas industry needs new technologies as well as effective approaches to integrate and interpret this data within a stipulated time and drive accurate decisions. This is where the importance of big data analytics comes into the picture. Implementing such analytics solutions can help businesses in the oil and gas industry to find new resources, improve recovery rates, and reduce environmental impact.
The oil and gas industry involves lots of processes and decisions that are related to oil and gas exploration, development, and production. This, in turn, generates large amounts of data. The volume of such data keeps on increasing every day and today’s data collection is expected to double in the next one year. So, big data analytics will work as a new medium to track various reservoirs, machinery, and performances.
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Companies in the oil and gas industry need to recognize that big data analytics has the capacity to provide them with breakthroughs if used in smarter and faster ways. The communication and cultural gap between data scientists and technical petroleum professionals need to be bridged, which can be done effectively and efficiently by big data analytics. For the oil and gas industry, it has become a great challenge as the ideas, applications, and solutions that are generated outside this industry doesn’t find their way inside it. Today more than 20,000 companies are associated with the oil and gas business and all of them need integrated technology and data analytics to grow in their business.
This is where the role of big data analytics comes to the fore as it has the potential to turn the scenario completely. The idea of a data scientist is new for this industry, but it is high time that it is considered alongside the petrophysical, geophysical, and engineering scientists. One year from now, the focus needs to be shifted to the ways to use all the data the oil and gas industry generates to make the decisions simpler and efficient. This will ultimately help in reducing the risk and help in discovering and producing more oil and gas with minimum impact on the environment.