Using big data solutions, organisations can build a foundation that supports a ‘digital oilfield’ designed to enhance efficiency, improve safety and maximise business performance, stated a report by hardware major IBM
A report published by IBM titled Tapping the power of big data for the oil and gas industry stated that big data can help companies develop a ‘digital oilfield’, which would involve integrated operations that unite operational technology (OT) with information technology (IT) in order to improve decision making and enhance operational and business performance.
“To capitalise on these opportunities, many oil and gas companies will need to adopt new IT solutions designed to address the specific challenges of big data. They need technology that can collect, manage and analyse large and rapidly growing volumes of data, such as the petabytes of production data generated by oilfield sensors,” added the report.
In addition, petroleum industries need solutions that can analyse a wide variety of data types, including numerical data streaming from drilling-rig sensors and unstructured data from logs, micro seismic and other sources.
IBM big data solutions
The IBM big data platform provides a broad portfolio of solutions and capabilities designed to help oil and gas organisations capitalise on the potential of big data to optimise operations, improve business performance and facilitate effective, strategic decision making.
IBM offers data solutions on visualisation and discovery, application development, systems management, stream computing, Hadoop system and data warehouse.
“These big data solutions can help organisations integrate operational analysis with business intelligence so they can optimise processes in order to meet specific business goals,” noted the report.
Optimising operations
With IBM’s PureData System for Analytics, organisations can analyse a large volume of structured data from production and financial source systems in a single environment. “They can then run ad hoc queries to find the best ways to improve production, reduce expenditures, improve safety, and optimise their supply chain or procurement," added the report.
Enhancing competitive analysis
According to IBM, harnessing the power of big data is valuable while conducting competitive analyses.
IBM’s InfoSphere BigInsights enables organisations to pull in large volumes of data from a wide variety of sources, including unstructured sources such as text-based news feeds as well as production and other engineering data from external data providers.
The company’s content analysis capabilities, which draw on the natural-language processing technology used for IBM Watson, can help make unstructured content accessible and ready for analysis, stated IBM.
To register for Big Data Analytics for Oil & Gas, please visit: http://www.oilandgasbigdata.com/register
