Increasing Oil & Gas ProductionWhat is the best way for an oil & gas company to increase energy production? A. More oil wells or pumping rigs? If you answered D, you’re RIGHT! While your organization may need to invest in more oil wells or more oilfield engineers, adding these resources adds a significant amount of ongoing expense. By contrast, business intelligence tools, like data mapping, machine learning and IoT (Internet of Things) sensors provide long-term added value with little upkeep.
“Internet of Things (IoT) in the Energy Market Worth
$22.34 Billion by 2020” – Systems & Systems Oil & gas companies are investing in business intelligence solutions, particularly IoT sensors, at record rates. This exploding growth of IoT in the energy sector can be attributed to factors such as:
Data Warehousing for Oil & GasMany oil & gas companies still rely on after-the-fact business analytics. Information is collected from multiple business systems. Through data mapping and data modeling, the information is then stored in a data warehouse that provides a “single source of truth” across the organization. The information in a data warehouse is designed to be highly accurate, and therefore, highly valuable. The only downside is that – unless you add additional business intelligence tools and steps – the information is always delivered after the fact. While many oil & gas companies have improved insight by getting reports at the end of the day rather than end of the month, there’s still a costly lag time in traditional reporting. There is a better way… Adding Machine Learning & IoT Sensors for Real-Time Business Intelligence and Increased Production: 5 Business Use CasesTo extract and refine more natural resources per day, you want to be able to visualize and react in real-time to events happening in the oilfield, refinery, warehouse or elsewhere in supply chain. We’ve seen companies use IoT data sent through Azure to a data lake to:
What do you want to know?MCA Connect can help you find actionable insight and latent production opportunities. We have extensive experience in the energy industry such as oil exploration & production, oilfield services and midstream operations. When combined with our knowledge of technology, you can’t find a better partner for optimizing energy operations. Contact us for more information. Author: Mark Hatting, Analytics Practice Director Other articles you might be interested in: {% set pop_posts = blog_popular_posts(‘default’, 3, ‘iot-analytics’) %} {% for pop_post in pop_posts %} {% endfor %} |
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