Big data is changing the oil and gas industry by easing out the process of producing oil, ensuring employee safety, and other operations at the same time.
The oil and gas industry is one of the prime sectors that is booming all round the year almost and creates an employment base for the numerous people across the globe. As oil and gas industry focuses on extracting natural resources from Earth, they are prone to several accidents. Accidents are frequent in the workplace; these accidents often lead to deaths. An accident at Pemex, a Mexican based petroleum company killed nearly eight people in March 2017.
Technology is growing at a tremendous speed and industries are leveraging numerous technologies to avoid accidents while ensuring efficient functioning of their processes. In this digital age, businesses hold enormous amount of informatio. This information varies in formats and is continually changing. Such details arriving from numerous sources result in the formation of big data. When data is analyzed, enterprises obtain actionable insights that hold the ability to boost an organization’s growth process.
With the estimation of big data growing and achieving a market value of 92.2 billion US dollars in 2026, big data has become the buzzword among enterprises. When the authorities of oil and gas companies realized the importance of big data, they ventured into the field of analytics to reap the benefit of this technology. Big data is changing the oil and gas industry in a way that workforces are becoming more efficient.
Common Problems faced by the Oil and Gas Industry
Oil and gas companies face a plethora of issues. One of the most common issues faced by oil and gas companies is the drying up of oil wells. When an organization wants to extract oil from a different location, they require new the availability of technology and people to work on them. This requires tremendous amounts of capital.
Minimising pollution is another challenge faced by companies dealing in extracting oil and gas. Often, organizations extracting natural resources tend to emit harmful emissions that lead to damaging the environment.
Safety concerns are a top concern for organizations dealing with natural resources. When an oil rig suffers an accident, there lies a threat to human life. Agencies are now leveraging technology to ensure that their safety measures are up to the mark. Businesses are also leveraging technologies to be able to adapt to changes that are unavoidable.
How Big Data is Changing the Oil and Gas Industry
Even though oil and gas industry is one of the smallest sectors of employment, it leverages numerous technologies to maintain efficient functioning. These industries primarily spend vast sums on high-performance technologies that assist them in automating various tasks.
As oil industry generates a humongous amount of information, big data analytics holds the potential to transform this sector. With the help of big data analytics, oil companies receive real-time information about processes. This real-time information assists authorities to take effective decisions that can assist them in enhancing production. Real-time insights provide the firms in keeping track of operations and track what can go wrong leading to a mishap.
Big data analytics is changing the oil and gas industry by giving them actionable insights on what location is the best for drilling. Analytics provides organizations insights on how and where to usethe drill. The actionable insights are considered to be a boon for the oil and gas industry. With these insights, authorities can take a call on what can be done to avoid the damage or reduce downtime of the high maintenance machinery.
Big data analytics has numerous applications for everyone in every aspect of life. With such assistance from analytics, authorities should now focus on ways through which they can leverage this technology. Apart from finding ways, CTOs and CIOs can also focus on methods of training their employees to work on the software that helps in gaining actionable insights. Hiring people who are experts in the field of big data analytics can also assist companies in leveraging this technology.
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