In today’s economy, most companies are producing an almost inexhaustible supply of data. While some industries may have been quicker than others, the energy industry has lagged somewhat behind them. That being said several operations have improved since embracing data management and analytics. Collecting data may be one of the first steps in data management, but the real value of data is found once it is analyzed and interpreted to draw conclusions.
Data can be used in the oil and gas industry in a variety of ways. For example, it may start with determining where the best area is for new oil sources. Geologists take samples of potential new sources and then record those in new and/or existing databases. Those databases are then used manipulated and analyzed to find the exact data needed. Once this is determined the location of potential new wells, and whether they should be permanent will be discovered.
Once drilling is started, engineering crews will also track and analyze the depth and location of the oil layers to help them bore more effectively. Because the energy industry, especially the oil and gas sector, is highly reliant on infrastructure and physical equipment, this is another area where that has benefitted from data management tools. Analyzing data from infrastructures such as wells and pipelines can be an excellent tool in predictive maintenance. Knowing what pieces of equipment are close to needing replacement or repairs can help energy companies manage costs.
Once the oil has reached the refinery data is gathered that includes the amount of oil received and where it was produced. Measuring the quality and quantity of production can help the refinery adjust its processes. The data analyzed can also be used to streamline and improve processes in future refineries.
The energy industry processes a substantial amount of valuable data, but there are challenges involved with this kind of data management. To learn more about how the energy industry is using data to improve operations check out the infographic below.
Infographic created by Resource Energy Solutions, an oil and gas software company.