With big data tools, oil and gas producers can capture more detailed data in real-time at lower costs, which can help them improve oilfield and plant performance by six per cent to eight per cent, according to a research by Bain & Company
Bain & Company noted that big data analytics may be new to some industries, but oil and gas companies have dealt with huge quantities of data for decades in their quest to learn what lies below the surface.
The research revealed that companies with better analytics capabilities were twice as likely to be in the top position of financial performance in their industry, five times more likely to make decisions faster than their peers and three times more likely to execute decisions as planned.
“Good analytics can help producers collect and analyse data from subsurface to get a more detailed view of shale basins. In conventional production, producers can move beyond measurement into predictive tools with a range of pattern-recognition techniques that help them to spot trends and drill with more predictable outcomes,” added the research.
The company also found out the only four per cent of oil and gas companies across industries have the talent and skills they need to draw tangible business value from analytics.
