Optimizing Oil and Gas Operations for Specific Business Goals
Solutions designed for big data can help the oil and gas industry integrate operational analysis with business intelligence so they can optimize processes in order to meet specific business goals. For example, a company might want to determine the best offshore drilling location for maximizing oil recovery while minimizing the tax obligations to nearby countries. Or an organization might want to set future production goals for a particular revenue target or operating expenditure limit. To succeed, organizations need to analyze not only operational parameters but also financial parameters.
The IBM big data platform can integrate data from multiple operational and business sources to facilitate decision making. Organizations can analyze a large volume of structured data from production, financial and other subject-area source systems in a single environment. They can then run ad hoc queries to find the best ways to improve production, reduce expenditures, improve safety, and optimize their supply chain or procurement. The IBM big data platform can also deliver results rapidly—in minutes and seconds rather than days.
For example, one of the world’s largest oil and gas producers, operating across six continents, wanted to obtain a more comprehensive view of key assets to deliver greater value to shareholders. The company wanted to examine specific attributes of wells and evaluate their production levels and well works. To do so, the company needed to integrate information across numerous applications, organizational silos and discrete data repositories.
The company implemented a solution that joined the IBM big data platform with other core data sources. The platform loads and stages data to help deliver faster performance than traditional extract, transform and load (ETL) methods. The company ran a record 25,000 business queries in one day and accelerated key processes. For example, geographic information system (GIS) reporting used to take 12 months; with the IBM solution, the company now can generate reports in real time. By analyzing more data, faster than before, the company is better able to capitalize on available information to achieve business goals. At the same time, the company eliminated 50 percent of the cost of legacy ETL solutions—saving USD2 million per year.
The IBM big data platform offers a comprehensive array of capabilities for addressing the tremendous volume, variety, velocity and veracity of big data. With IBM solutions, oil and gas companies can analyze data streaming in from sensors and use insights to refine models, prevent and address problems and boost production. They can optimize operations for specific business goals. And they can mine a wide variety of data sources to enhance competitive decision making. The IBM big data platform helps organizations build a foundation that supports a digital oilfield designed to enhance efficiency, improve safety and maximize business performance.
Learn how big data and analytics can help the oil and gas industry:
- Read the white paper Tapping the power of big data for the oil and gas industry
- For additional information about the IBM big data solution for the oil and gas industry
Read my previous posts
- Improving Oil and Gas Operations with Big Data and Analytics
- Tapping the power of big data for the oil and gas industry
- Building the digital oilfield