What is oil and gas analytics?
Oil and gas analytics (a.k.a. “oilfield analytics”) leverages many of the same statistical methods used in other industries to pinpoint patterns among hundreds of variables in constant flux. It uses large amounts of field data and frequently machine learning algorithms to enable predictive analysis and big data insights that operators and managers use to maximize yield, accelerate innovation and reduce risk.
What are the business benefits of oil and gas analytics?
Advancements in process automation, remote instrumentation and the Internet of Things (IoT) have paved the way for transformation in the oil and gas industry, similar to changes underway in retail, manufacturing and financial services. With assets and people everywhere, energy producers can leverage remote sensors and predictive analytics to safely monitor operations in real-time and optimize field maintenance.
For upstream producers working offshore, companies can use advanced analytics and submersible platforms to optimize production settings and raise output. Meanwhile, midstream and downstream organizations can use operational data and analytics to optimize production and reserves recovery efforts, as well as promote collaboration across the organization.