The Impact of Data in the Oil and Gas Industry
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Digital technologies are helping the oil and gas industry improve efficiency and sustainability. As demand for oil and gas grows, companies are investing more in technologies that use data analytics to optimize drilling, remotely monitor wells, and accelerate collaboration. This increases production while improving safety, security, and environmental protection. Centralizing vast amounts of data through cloud computing helps companies ensure compliance and control costs.
The Impact of Data in the Oil and Gas Industry
- 1. THE IMPACT OF DATA IN THE OIL AND GAS INDUSTRY Worldwide demand for oil and gas is growing; it’s expected to reach over 94 million barrels per day by the end of 2015.1 In response, most companies in the oil and gas industry plan to invest the same amount or more in digital technologies now and in the future.2 Digital technologies can help companies reach remote sources of oil and gas at efficient costs, while continuing to enhance environmental safeguards, operational safety, reliability, and security. 010101011101101010101 (1) https://www.iea.org/oilmarketreport/omrpublic/currentreport/ (2)https://www.accenture.com/us-en/insight-digital-energy-survey-2015-accenture-microsoft.aspx (3)http://www.cisco.com/web/strategy/energy/docs/OilGasDigitalTransformationWhitePaper.pdf (4)http://www.idc.com/getdoc.jsp?containerId=253478 (5)http://www.bloomberg.com/bw/articles/2013-07-11/better-fracking-through-sound-sensing-fiber-optics (6)http://www.intelligentpipelinesolution.com/industrialpipeline/download/GE-IP-Infographic.pdf (7)http://www.bain.com/publications/articles/big-data-analytics-in-oil-and-gas.aspx (8)https://www.scoopmae.com/how-enterprise-mobility-benefits-the-oil-and-gas-industries/ (9)https://www.accenture.com/us-en/insight-digitizing-energy-analytics-powered-performance.aspx Data analysis assists with interpreting geology, drilling and connecting new wells, and optimizing drilling techniques. Bain & Co. estimate that better data analysis could help oil and gas companies boost production by 6% to 8%.7 Increases Production: Remote visualization through the cloud enables rapid collaboration between a well site and remotely located experts to improve the safety, speed, and accuracy of reservoir decisions. With enterprise mobility solutions, oil and gas companies are seeing a 63% increase in cost savings and a 51% increase in productivity.8 Enables Remote Collaboration and Mobility: Cloud data management centralizes datasets. Geoscientists, engineers, and business decision makers can all collaborate using the same data, saving time and cutting down on miscommunication. Accelerates Workflows: Centralizing data eliminates the need for multiple copies. Fewer data copies means fewer security risks and fewer challenges to data quality, allowing experts to maintain a “single source of truth.” Improves Security and Control: Data centralization helps companies ensure compliance with international data sovereignty requirements, while providing them access to information they need. Ensures Compliance One well can generate up to 15 terabytes of data per week.5 The world contains about 2 million miles of oil transportation pipelines—enough to wrap around the Earth 80 times. GE estimates every 30,000 miles of pipeline can generate 17TB of data every day.6 IDC predicts that usable data generated in the oil and gas industry will grow from 52 exabytes total today to 888 exabytes in 2020.4 The Benefits of Data in the Oil and Gas Industry 1 3 5 2 4 The Global Impact of Digital Technologies in the Oil and Gas Industry Business The use of digital technologies reduces the cost of finding and developing energy and positively impacts the global economy. In the Eagle Ford region in North America, improved drilling techniques and technologies are enabling oil rigs to produce oil 65% more efficiently now than in 2013. Oxford Economics estimates that Internet of Everything adoption by the oil and gas industry can increase global GDP by up to $816 billion by 2025.3 Health, Safety and Environmental Risks Digital technologies are helping oil and gas companies have a positive impact. Having detailed data about every part of the production process empowers companies to identify and prevent potential accidents before they happen, which in turn helps them protect the environment.9 Remote visualization and mobility solutions make it possible for companies to have fewer workers on site at wells, reducing employee safety risks. Sensors deployed throughout oil and gas companies’ value chains generate massive amounts of data that enable faster and smarter decision making.3 888 EXABYTES 101101010101 011101101010101 010101011101101010101 010101011101101010101 0101011101101010101 10101011101101010101 01011101101010101 011101101010101 010101011101101010101 SOURCES