Big Data’s Benefits in the Oil and Gas Industry
Big Data has become the new buzzword for the C-level suite. For many, the power of Big Data to help run their business, identify untapped opportunities and uncover new revenue streams faster than ever before, has them salivating. Big Data can be considered a cost-effective approach to dig deep in to the volume, speed and chaos of massive amounts of data.
Within this data lies valuable trends and information that was hidden because of the massive amount of work required to analyse it. This power has been available to leading corporations, such as Walmart or IBM, but at high expense. Today’s technology and software has brought Big Data processing costs down and have made it more accessible for the rest of the corporate world. This technology is now feasible for start-ups to oil exploration companies.
The value of Big Data to the oil and gas industry falls into the areas of analytics and enabling new opportunities in oil exploration. Big Data analytics can reveal insights such as geological data points, reserve management and mapping, previously hidden in data too costly to process. It has already been in use on most Abu Dhabi oil and gas fields, where Big Data solutions have been noted to create major benefits.
Mapping of Potential Drilling Locations for Crude
Until recently, technology linked to oil exploration was considered basic and at times made it no more than a guessing game. Big Data analysis has helped change the way oil exploration is conducted. Now, the data collected from the field can be entered into specialized software, which helps to analyse the data based on specific criteria, delivering more accurate results.
Today, sonar mapping, 3D and 4D mapping is being used in exploration, which results in the creation of more precise oil and gas field maps. These maps are also very helpful in identifying additional deposits of oil and gas, which may be trapped within the porous rock surrounding the reservoirs.
Geology and mineral exploration companies are also keen on discovering what lies below the surface of the ground. With nanotechnology allowing sensors to be miniaturized, it’s possible to collect data directly from wells or mine shafts. This data will be of great importance to geologists and mineral exploration companies who can create accurate maps of deposits, without needing to drill in search of the minerals. With Canada’s economy heavily dependent on the oil industry, collecting accurate data related to the different oil producing areas will help map the region for further exploration.
Improved Security During Oil Production Transport and Processing
The analysis of data can also help to improve the security of crude and gas production; be it the processing, transportation or marketing of oil and gas. Tracking pipeline data points over vast regions is made easier through the use of software that analyses factors such as weather, temperature, ground conditions, and pipeline infrastructure. Failing to meet any of the specified inputs results in security programs being triggered and require security personnel to look into the matter. Through the use of data analysis, human error is eliminated, resulting in more effective security solutions, at a much faster response time.
With the demand for oil and natural gas continuing to reach all-time highs, the need to adapt to new technology and improve production and processing is crucial. Besides the exploration, production and processing of oil and gas, analysing Big Data can also be used to improve the efficiency of oil and gas consumption. Automobiles and the logistics industry remain the biggest consumers of oil and gas products. Therefore, the technology should be used to help improve fuel efficiency, thus helping to reduce the pressure on oil production.
As demand for oil and gas products increase, the need to develop and use new technology to help improve fuel efficiency and reduce fuel consumption is critical. It’s also important to make sure each of the Canadian oil and gas wells produce the maximum amount possible and reduce the cost linked to drilling oil and gas.