Highlights of the Case Study:
|Client||A major global oil and gas firm with a US presence wanted to embrace analytics and digitalization to explore new market opportunities.|
|Business Challenge||The client wanted to use advanced analytics to enhance operations throughout the value chain, including exploration, production, processing, retail, and essential back-office tasks.|
|Impact||Quantzig assisted the client in effectively streamlining oil and gas transport, processing, and distribution by deploying a cutting-edge big data analytics solution.|
Game-Changing Solutions for the Oil and Gas Industry
The increasing dependence on data and the need to develop exploration and production techniques in the O&G sector have made advanced analytics more relevant to this industry. For instance, analytics is heavily employed in exploration, drilling, production operations, seismic and microseismic data analysis, reservoir characterization and simulation, asset management, and occupational safety. Offshore oil and gas companies utilize data science and AI for accessing exploration and production data. This enables oil and gas companies to determine new exploration opportunities and improve the use of current infrastructure.
Oil & gas companies must analyze large amounts of data from upstream, midstream, and downstream exploration, drilling, and production operations. Quantzig offers its big data analytics solution to efficiently coordinate production planning, execution, and measurement of profitable outcomes.
The Challenges of the Manufacturing Client
A major global oil and gas firm with a significant presence in the US worked with Quantzig to embrace analytics and digitalization to find new market opportunities. Our client wanted to adopt a digital platform to analyze and manage its oil & gas operations. In addition, the customer wanted to use advanced analytics to enhance operations throughout the value chain, including exploration, production, processing, retail, and essential back-office tasks. Our client intended to develop road maps for digital transformation to build and manage new tech stacks and platforms to support their top business priorities in advanced analytics and digital technology.
Big Data Analytics Solutions for the Oil & Gas Industry
Quantzig assisted the client in effectively streamlining oil and gas transport, processing, and distribution by deploying a cutting-edge big data analytics solution. The engagement further enabled the client to use sophisticated algorithms to estimate demand, distribute resources, and set prices. Additionally, the client could access more real-time data at reduced prices and increase the overall performance of the oil field and plant by 6% to 8%. Quantzig implemented a solution based on advanced statistical techniques and machine learning. The client’s transformation activities were effective in producing the expected results.
Our AI system analyzed the following characteristics of the big data analytics solution:
- Standardization and data integration
- Pattern detection and predictive modeling
- Recognize patterns and predictions throughout processes to react rapidly to disruptions and boost efficiency
- Manage and analyze seismic data
- Developed simulations that anticipate maintenance events using predictive analytics
Impact Analysis of Quantzig’s Big Data Analytics in Oil and Gas Industry
Our collaboration helped our client improve the operations of critical oil and gas assets and machinery. Additionally, our solution helped the client find creative methods to enhance productivity and generate profitability throughout its global facilities. AI assisted our client in evaluating the potential of several reservoirs and improved downstream operations that reduced expenses and increased margins. Our big data analytics solution helped the client modernize the data platform and unlock the following benefits:
- Improved characterization and modeling of the reservoir
- Enhanced drilling safety and accelerated drilling time
- Optimized the performance of production pumps
- Improved petrochemical asset management
- Improved transportation and shipping
- Decreased unscheduled downtime due to equipment failures
- Increase oil and gas production by 6% to 8% while cutting production expenses
Key Outcomes Big Data Analytics in Oil and Gas Industry
The oil and gas industry has gained enormously from data analytics as oil and gas companies rely extensively on data to carry out their operations. Advanced analytics has been highly effective in carrying out data-intensive operations. Oil and gas companies rely on big data analytics to analyze purchase tendencies effectively and monitor a variety of activities in oil and gas industries, such as equipment and reservoir performance. Quantzig’s big data analytics solution helps optimize upstream, midstream, and downstream operations using advanced analytics.
A Broad Perspective on the role of Operations Analytics Solutions in the Manufacturing Sector:
Oil and gas companies are discovering that AI is a powerful facilitator with various applications. These include reservoir analysis, production optimization, predicting oil corrosion hazards, and faster seismic and subsurface data evaluation. An AI-based technique assists in analyzing seismic wave data to identify fundamental geological features. Companies can rapidly discover hydrocarbons such as oil and natural gas by using these operations analytics solution where subsurface geophysical data is examined and meticulously mapped using AI platforms. This strategy increases the efficiency of drilling methods and finally offers the precise value of the reservoir. Additionally, an AI-based tool allows operators to maximize production and anticipate electrical submersible pump (ESP) breakdowns. Cloud-based platforms provide access to advanced analytics tools that help examine data irregularities and problems with the equipment.
Quantzig’s Big Data Analytical Solutions enable the following benefits in the oil and gas sector:
- Reduce the cost of drilling and exploration
- Enable predictive maintenance to prevent equipment breakdowns
- Adhere to environmental regulations and pressures
- Enhance the performance of existing resources
- Analyze seismic data management