Big Data Analytics Helps an Oil and Gas Firm Improve Exploration and Drilling Efforts
Big data analytics helps businesses in the oil and gas industry devise new technologies to integrate data; thereby, driving faster and accurate decisions. Also, big data analytics helps leading organizations tap new resources, increase recovery rates, and reduce environmental impact. In the oil and gas industry, analytics plays a pivotal role in assessing large amounts of […]READ MORE >>
Big data analytics helps businesses in the oil and gas industry devise new technologies to integrate data; thereby, driving faster and accurate decisions. Also, big data analytics helps leading organizations tap new resources, increase recovery rates, and reduce environmental impact. In the oil and gas industry, analytics plays a pivotal role in assessing large amounts of data to track a wide array of reservoirs and machinery efficiently. In addition, big data analytics can also be effectively deployed to describe activities such as machinery performance, oil flow rates, and pressure around the wells.
Quantzig’s big data analytics solution helps the client gauge performance in an agile and seamless manner. Moreover, the solutions offered by Quantzig help clients devise effective strategies to target potential markets and ultimately reduce the risk related to exploration and drilling activities. The client can further allocate resources accordingly and maximize the ROI.
Like all other companies in the oil and gas industry, a leading oil and gas firm was facing a predicament in improving their exploration and drilling efforts. The client also wanted to target potential market segments and understand demand supply gap of oil and gas among these target regions. The primary objective of the engagement was to find new resources, increase recovery rates, and reduce environmental impact. The client further wanted to understand the prevailing technologies and devise effective strategies to drive faster and more accurate business decisions.
The client also wanted to leverage the use of big data analytics to effectively track people’s behaviors, buying tendencies, and sentiments. The client further wanted to devise big data analytics to track a wide variety of reservoir, machinery, and personnel performance in the oil and gas industry.
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Big Data Analytics Solution Benefits for the Oil and Gas Industry
After gaining the desired information, the client was able to effectively streamline the transport, refinement, and distribution of oil and gas. The engagement further helped the client leverage the use of complex algorithms to determine demand, allocate resources, and set prices. Also, through a robust engagement, the client was able to more data in real time at lower costs and improve the overall oil field and plant performance by 6% to 8%. Furthermore, the engagement helped the client collect and analyze data on subsurface and geographic characteristics.
Big Data Analytics Predictive Insights for the Oil and Gas Industry:
- Define organizational model and make informed business decisions
- Effectively manage the variety of data to optimize design and production
- Understand the nature of reservoirs properties to optimize oil recovery
- Improve completions efficiency and reduce non-productive time
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