Increasing Oil & Gas ProductionWhat is the best way for an oil & gas company to increase energy production?
A. More oil wells or pumping rigs?
B. More refineries?
C. More people & resources?
D. Better business intelligence?
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 intelligence reporting. 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 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.
Author: Mark Hatting, Analytics Practice Director
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