Some of the challenges in the upstream processes of the oil and gas industry involve improving the performance of existing resources and finding new resources (exploration) to maintain a continuous supply of crude oil. The exploration process primarily involves interpreting seismic data which demands sophisticated computing equipment with powerful visualization capabilities. The seismic data is used to create a subsurface picture. This remains one of the most important applications of Big Data and advanced analytics in the oil and gas industry.
Advanced analytics has grown in importance in drilling operations due to the extensive use of sensors that record various parameters throughout the drilling process. These parameters are then used to generate insights that help the extraction process.
Benefits for the company
By predicting future performance from the available historical data, Big Data facilitates with optimized oil recovery rates, optimized production, determine the optimum cost, and assess new prospects.
Type of expertise/ AI domain
Advanced Analytics, Machine Learning and Statistics
Internal data required
Advanced analytics is used to develop a smart forecast and flow method to identify the underlying pattern in production data and to forecast the production performance to improve operation efficiency.