THE RELEVANCE OF BIG DATA ANALYTICS IN THE PETROLEUM INDUSTRY

• About the Bulletin
• The Relevance of Big Data Analytics in the Petroleum Industry
• IPS Quiz -01 Answers
• Petroleum Updates

About the Bulletin
This bulletin is written by students of the Centre for Oil and Gas Technology at IPS.
The content and views expressed in this document reflect only the opinion of the authors and not of the School.

THE RELEVANCE OF BIG DATA ANALYTICS IN THE PETROLEUM INDUSTRY
With the recent introduction of data recording sensors in exploration, drilling, and production operations, the petroleum industry has become a massive data-intensive industry.  It gathers very large diverse data sets from different sources and at different levels of operation and these data continue to grow. For example, oil and gas organizations have dealt with huge amounts of data for decades in their quest to learn what lies beneath the surface. These large data are referred to as big data. 

Big data analytics use computer software to reveal trends, patterns, correlations, and other useful insights in these large stores of datasets – big data – which have high volume, variety, velocity, veracity, value, and complexity.  Big data analytics is fast becoming popular in business.  Companies have begun to realize that their big data stores if properly utilized, could help them lower costs, increase revenue and become more competitive. Companies with better big data capabilities are twice as likely to be on top of financial performance.

In the oil and gas industry, big data makes it possible to collect and move information more effectively. Companies could leverage big data technologies to collect, manage and rapidly analyse seismic drilling and production data; improve reservoir characterization and simulation; reduce drilling time, and many more. Its possibilities and its application in the petroleum industry are endless. 

IPS Quiz - 01 - Answers

1. Master valve, Wing valve, and a Swab valve
2. U.S., Saudi Arabia, Russia, Canada, and China
3. 1 barrel of crude oil is 159 Litres

 Petroleum Updates