Big Data is a popular buzzword, but upstream, downstream and at all-points-in-between, very few industries generate as much data as the oil and gas industry. This creates both a challenge and opportunity for business leaders to drill into their data with the intention of extracting actionable insights.
In Canada, only 21% of large oil and gas companies are using continuous real-time monitoring and analysis tools to manage their data. For other oil and gas companies to remain globally competitive, they will need to trade in their basic spreadsheet for technology that enables decision making based on real-time information.
Technology is fast becoming an important commodity in the oil and gas industry as companies are forced to rely on oil sources that are more challenging and costly to tap into. When decision making is supported by real-time analytics, organizations can react quickly and make the best informed decisions needed to lower costs and maximize profitably. For example, real-time analytics can provide operations managers with instant information on underperforming wells and flag potential problems as they arise, allowing them to action a maintenance plan and investigate the issue. The reward here is in the cost savings tied to reduced downtime and reduced production loss. Maximizing production in terms of days, even minutes, can translate into major dollars in this industry. Companies can’t afford to ignore the opportunity which is why 49% of Canadian oil and gas companies plan to first invest analytical tools to assist with asset and production optimization.
The statistics stated here are from a study conducted by IDC in 2012 on Canadian oil and gas companies. Click here to see this information captured in an infographic through the link titled ‘Analytics for Insight in Oil and Gas.’