Highlights of the Case Study:
|Client||A leading oil & gas player sought to identify new locations for drilling.|
|Business Challenge||Our client wanted to minimize obstacles in a drilling project, identify new locations for drilling, and adopt a data intelligence and advanced analytics model.|
|Impact||Quantzig offered the client a data intelligence and advanced analytics solution that reduced extraction costs. Quantzig also helped address downstream and midstream supply chain issues by forecasting demand and integrating storage, logistics, and transportation.|
Game-Changing Solutions for the Oil and Gas Industry
The oil and gas industry has witnessed radical changes recently due to the massive decrease in demand. However, it will recover quickly in the post-pandemic scenario with the help of advanced analytics in oil and gas industries. Oil and gas industry players require deep, prolonged, diversified, and sustained investments to operate on the strength of a fragmented and complex but steady supply chain.
The oil and gas supply chain are segmented into upstream, midstream, and downstream segments. A combination of strategies is required to handle enormous datasets, optimize inventory, and minimize equipment downtime. Quantzig’s solutions portfolio offers insights on production and exploration for the upstream segment, supply chain analytics solutions for the midstream segment, and customer and marketing analytics solutions for the downstream segment.
The Challenges of the Client
Our client is among the prominent publicly traded players in the oil and gas industry. The client wanted to identify new locations for drilling. It was also struggling with issues such as high exploration and drilling costs, maintaining oil reserves, discrepancies in equipment downtime, extensive regulatory checks at international borders, handling massive amounts of data, and managing large oil and gas pipeline networks.
The client approached Quantzig for tailor-made data intelligence and advanced analytics solutions to identify the best locations for drilling in a bid to replenish its reserves.
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Quantzig’s Data Intelligence and Advanced Analytics Solution for Oil and Gas Industry Players
Quantzig’s experts deployed a data intelligence and advanced analytics solution that examined the drilling locations’ surface structure and geological conditions. Quantzig’s data intelligence and advanced analytics solution helped the client achieve vertical integration without outsourcing and at reduced integration costs.
Additionally, Quantzig developed a customized data extraction system that leveraged the vast amount of data that was generated by the client’s systems. This curated data could now be used for informed decision-making.
Impact Analysis of Quantzig’s Data Intelligence and Advanced Analytics in the Oil and Gas Industry
The solution offered by Quantzig helped the client to lower the extraction costs. In addition, our data intelligence and advanced analytics solution enabled our clients to replenish their oil reserves and increase profits. This allowed the company to stock oil to cater to future demand and expand its production while lowering production costs. Quantzig also addressed downstream and midstream supply chain issues by forecasting demand at customer sites and addressing storage, logistics, and transportation concerns. Besides these benefits, Quantzig’s solution impacted the client’s business in the following ways:
- Identification of reservoirs with the highest yield
- Vertical integration
- Stabilization of demand-supply by balancing energy reserves
- Elimination of bottlenecks in oil and gas transportation
- Decrease in per-barrel expenditure from 15% to 10%
- Improvement in oil stocking
- Increase in profit margins
Quantzig’s data intelligence and advanced analytics solution leveraged the client’s factual and seismic data to understand the surface structure and geological conditions of the drilling locations. We also helped the client achieve vertical integration and reduce integration costs. Our solution enabled lower extraction costs. We were able to help the client address downstream and midstream supply chain issues by forecasting demand at customer sites and integrating storage, logistics, and transportation.
A Broad Perspective on the role of Data Intelligence and Advanced Analytics Solutions in the Oil and Gas Industry:
Over the last five years, data intelligence and advanced analytics have grown significantly in the oil and gas industry due to the need for easy and cost-effective solutions to complex problems. Oil and gas companies use data analytics, supply chain analytics, AI, and ML to extract real-time data, identify drilling sites, and extract the crude oil. IoT is also one technological solution that allows industries to decrease maintenance costs and gain complete control of their operations. Therefore, advanced analytics solutions in oil and gas help to lower extraction costs, increase sales, replace their oil reserves, and increase their profits. Quantzig’s data intelligence and advanced analytics analysis solutions also help in stocking oil for future demand and expanding its production while lowering production costs.
- Evaluated the oil and gas industry’s downstream and midstream supply chain issues
- Devised a roadmap to identify new locations for drilling
- Decreased the per-barrel expenditure
- Stabilized demand supply by balancing energy reserves
- Eliminated bottlenecks in oil and gas transportation
- Reduced extraction costs
- Optimized oil and gas production
From identifying new locations for drilling, to optimizing production all the while reducing costs!