Reducing production costs
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Drilling and Pipeline operations data can be harnessed by big data analytics and used in various scenarios to improve production efficiency and bring down costs. For example, data analysis of rocks is being used to identify the right place for digging oil wells; Pairing real-time down-hole drilling data with production data of close-by wells can help oil producers adapt their drilling strategy. Many companies are using data analytics to determine the amount of oil and gas left in reservoirs and forecast production.
Benefits for the company
There are numerous internal and external factors right from well drilling to pipeline operations that influence the production costs of an oil and gas organization.
Feasability
High
Type of expertise/ AI domain
Big Data and Predictive analytics
Internal data required
Geological completion and drilling data to determine between preferred, best, drilling locations.
According to Bain & Company, data analytics has the potential to increase oil and gas production by 6%-8%.