Data Analytics Is Fueling Change in the Oil and Gas Sector
Companies in the oil and gas industry operate on a paper-thin profit margin, and the struggle has only increased in recent years. Advanced data analytics, however, is creating new opportunities in the industry to reduce costs, improve returns, and mitigate risks.
Improving accuracy in exploration and drilling
With the advent of scalable seismic monitoring systems, oil and gas companies are capable of easily capturing high-resolution images of the seabed. The detailed data from these systems provide companies with a more accurate and up-to-date picture of the subsurface than ever before. Companies equipped to sift through this seismic data come away with predictive analytics capabilities that make exploration more fruitful, drilling safer and recovery more profitable.
Maximizing and maintaining valuable assets
Oil and gas companies operate on a tight profit margin, which makes the efficient management of resources critical. Asset tracking software combined with a detailed asset management plan ensure companies are strategically utilizing their capital. Because much of the equipment used in the industry are regulated and many assets are deployed in disparate locations, it’s necessary for all resources to be identified, scanned, and monitored regularly. A high-quality asset management software solution will simplify oversight through automation, GPS capabilities, and real-time coordination.
Optimizing operations and performance
Process simulation and statistical modeling methods equip oil and gas companies to more accurately predict production performance while sensor-equipped drills provide real-time data on machine performance. From drilling to production, Big Data empowers oil and gas outfits to make better decisions that optimize operations and increase profitability.
Improve problem-solving and decision-making
Predictive analytics and case-based reasoning (CBR) have improved the industry’s ability to respond to and even predict potential problems through the analysis of historical data. These tools equip companies to make data-driven decisions and solve problems using more accurate information. Machine algorithms are capable of quickly poring through massive quantities of data to detect patterns and propose solutions before most humans are capable of recognizing the potential for complications.
Forecasting risks and mitigating hazards
High-resolution sensors, real-time data, CBR, and predictive analytics all contribute to a safer industry. Experts armed with accurate data and pioneering technology are able to make better predictions about potential hazards and to act before risks become headline news. A safer industry is a more profitable industry, reducing costs associated with environmental damage as well as lost equipment, injuries, and casualties.
Antares provides advanced data analytics capabilities for the oil and gas sector
At Antares, we build business solutions that help oil and gas companies make the most of their data. Our analytics software solutions are tailored to meet the specific needs of your business, giving you a distinct advantage over competitors relying on off-the-shelf solutions. We thoroughly discuss and explore your analytics requirements and build applications capable of delivering accurate, intelligent analytics capabilities. Contact us today to schedule an initial consultation.