Oil and Gas

The oil and gas industry deals with the production of oil and gas with huge investments and risks. The three big problems the oil industry faces which consume money and produce data are:

• Finding Oil is hard: Reservoirs are very deep below the Earth’s surface. Low-resolution imaging and expensive well logs are the only options for finding and describing the reservoirs.
• Oil production is costly. Lot of capital goes into machinery and manpower required to produce a barrel of oil and it must be done profitably, taking into account cost, quantity and market availability.
• Drilling for oil causes potential environmental and human safety issues and concerns: Finding and producing oil involves many specialized scientific domains and there are several human and environment safety issues while doing so.

Data science can provide confidence and accuracy with each decision by helping the oil and gas industry learn more about each system, reducing risk and optimizing operations and costs. Some solutions are:

• A wide variety and large data volumes needs to be consolidated incorporating all relevant information to make sense and get valuable insights on data, technology and finding additional hydrocarbons.
• Making data from daily operations relevant and using it to reduce cost of operation and improve recovery rate.
• Decision making: It will help what step to take and when to take while taking into account of ongoing events and predictable events.

In oil and gas industry each System needs a different approach for more production, profitably and safety and data science will help us to reach this using the existing data in faster and smarter ways.