Small companies could add value to their current production portfolio by applying data analytics to their existing assets, said US-based oil and gas intelligence service provider Drillinginfo
According to the company, while major oil and gas players were largely focused on increasing proven reserves, smaller independents could utilise big data to optimise their actively producing assets.
For instance, data integration could allow companies to discover untapped horizons, identify potential infill well locations and optimise production of existing wells. Increased data availability and advanced analytics could also help smaller oil and gas business to anticipate the generation and expansion of new or underdeveloped unconventional resource plays, added Drillinginfo.
Conventional reservoir discoveries have become increasingly rare and companies must be creative on how they can identify prospects, stated the service provider.
In order to stay competitive, many smaller companies and operators have been leveraging ever-expanding oil and gas databases to obtain information. These companies are using analytics to guide prospect generation. “The most successful among them are those that are willing to think progressively about generating prospects,” noted the company.
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