It takes roughly 5 – 10 minutes to fill up a car with gas at the gas station and get back on the road again. However, the journey that gas took is a far more substantial one. From finding and exploring the oil field to getting the fuel upstream from the reservoir and sending it out to consumers, the chain of events needed is colossal.
Companies have used a lot of data over the years to study the surface of the earth, moving from land-based oil fields to oil rigs in water. Throughout the whole process, the energy exploration and distribution companies have compiled a lot of data. Making the most out of that data is a key part of successful financial performance for an oil and gas company. Let’s explore the importance of big data analytics for the oil and gas industry.
What is Big Data?
Different consumer-centric companies and industries have their own different uses for large amounts of data. This is something that has been going on for years now. Taking advantage of big data helps them to properly identify how their customers behave and their historical trends. By applying complex calculations to the data, they are able to best focus their resources and assets on areas that will make the biggest differences to their revenue streams.
This basically generates more revenue for the company. It takes some advanced hardware and software in order to properly analyze big data. These tools allow an industry to analyze millions of bytes of data in a matter of seconds for fast conclusions.
The Difference Big Data Makes
As companies drill for oil, they can perform complex calculations on the massive amounts of data including information such as the seismic properties of the drilling area to the temperature levels. Knowing all of this information increases the effectiveness of the drilling process in terms of time and money spent. As companies start to digitize the energy exploration and distribution process, more and more data will be generated and collected. Energy companies can use big analytics on all of this data to get more value from the upstream and downstream supply process and improve overall efficiency and revenue.
Other Benefits of Big Data
One major aspect of the oiling drilling process is using large and complex data in real time. Big analytics tools can allow a company to visualize their drilling environment on a computer screen through analyzing large amounts of data in a matter of seconds. This analysis can be used to guide tools like drills in the best possible direction while improving the production process by up to 8%. This increase in efficiency is nothing to sniff at.
The entire structure of analyzing big data is set up in a way that allows for the storage and retrieval of vast amounts of information more effectively and efficiently than a traditional database, which stores different segments of information in different places, combining the information into a single report as needed. Big data analytics is far more efficient than that.
Companies have seen a number of benefits from adopting big data and analytics. Some key benefits of big data analytics include being able to visualize a drilling map, steering the drill in the most effective and efficient way possible, and knowing how to best stimulate shake for best results.
Experts have suggested that those who stand atop the oil and gas industries in the future will be those who are able to generate energy for the lowest possible price. Companies have begun digitizing their upstream and downstream infrastructure already, allowing them to cut costs and improve the efficiency of their supply chains. These changes have all led to an increase in data. All of this data must be compiled and stored by the energy companies and used to their advantage. Having the tools in place to analyze the information with big data analytics affords companies an edge over the competition. Rest assured that if you don’t take advantage of big data analytics, your competition will. It offers the kind of advantage that shouldn’t – and can’t – be ignored.