Data is new oil, even in the oil and gas industry

This blog reviews the utilization of Big Data Analytics and Data Science as an emerging trend in the upstream or downstream oil and gas industry. It refers to new technology which can be employed to handle new datasets which include six main characteristics of volume, variety, velocity 

Veracity, value and complexity.

Oil and Gas industries rely heavily on new technologies to increase and optimize its capabilities and help it discover more energy.

Oil and Gas industry which frequently operates at the cutting edge of science and engineering stands to benefit considerably from data driven analytics.

However,Industry is playing catch up on the race to apply from advanced data science to most critical problems.

Some of the big key data analytics:-

Upstream and midstream optimization: 

• Improving the performance of existing natural resources and searching for new Resources to maintain the continuity in supply of crude oil.

• Leveraging big data and advanced analytics, exploration efforts can be enhanced.Productive seismic traces can be identified and drill accuracy.

• We can optimize midstream operations by applying predictive analytics by transportation and storage planning of oil and gas.

Downstream optimization:-

• Oil and Gas enterprises employ big data predictive analytics to reduce downtime and maintaining cost of the  refining equipment, thus improving asset management.

• Cloud based data also helps distributors by analysing data effectively and increasing modelling speed for forecasting revenues.Human safety and  environmental conditions

• Major challenges faced by the oil companies during the drilling process is the threat to human life and environment.

• Harmful emission while extracting natural resources leads to severe health issue to workers

•   With big data Analytics, new resources and harsh remote locations can be identified. AI robots can detect any faults in the equipment and send alerts in case of gas leak.

• Safety can be ensured when personnel is replaced with robots which can work in dangerous and tedious environments therefore optimizing performance and cost incurred.

Decision making 

Nonconstructive data like maintenance reports, weather reports, media reports etc can be analysed with natural learning processing which facilitates business solutions for an effective decision.

Database management:- 

• Upstream exploration and production data are very complex in nature with large amounts of data.hence we need proper data 'management solutions to aggregate and cleanse the data collected from different sources.

• Tools like seismic software data, data visualization etc are very useful in maintaining new data.

• Facilitate effective time management skills 

• Optimize operational costs

• Identification and mapping of new oil reserves.

• Improve recovery rates

• Avoid accidents and reduce environmental impact

• Helps in avoiding damage

• Reducing the downtime of high maintenance machinery.

Optimization of data science in oil and gas industry: 

• Good problem formulation

• Data readiness

• Production accounting

• Continuously maximize the life cycle of oil and gas assets

• To increase logistics efficiency

• To cut get carbon footprint

• To increase the equipment lifespan.

Data Science Course relevant for :- 

1. Chemical Engineers involved with drilling and production 

2.  Managers involved with planning,completion and operation assets 

3. All those involved with Reservoir handling, production and service companies

4. Executives working with oil and gas companies and dealing with data related work.

5. Reservoir engineers in the service industry, production forecasting.

Skills:-

Bachelor of science in engineering, mathematics, statistics

Computer science in data analytics.

Here we come down  to select the Data Science training institute which is providing value for money and best training from the curriculum designed by industry experts. Madrid Software Trainings provides:- 

• Placement reviews

• Matched budget

• Practical sessions 

• Experienced mentors.

• Alumni reviews 

• Testimonials

• Certification

The demand for job oriented courses has increased rapidly in the market. So, the institute is providing the IT related courses of various duration according to comprehensiveness.

Latest course module coupled  by  experienced teachers helps students to get market related skills which is the mission of the Madrid Software Trainings.