Oil & Gas Analytics
Achieving rapid insights
Seeing through complexity
The oil and gas industry is known for its ability to successfully navigate within a complex and rapidly changing environment. Today, these growing complexities include the influx of big data — how to capture it, what to do with it, and how to extract the insights that matter. Petabytes of data are being collected from engineering, geological, production, and equipment sources, offering oil and gas companies unprecedented opportunities for better forecasting and a heightened understanding of core business issues.
Several changes are driving the influx of data in the oil and gas industry, including the growing use of sensors, larger numbers of unconventional wells, and an increase in remote and automated conventional sources. Actually making sense of this data to better understand trends and improve business outcomes requires these companies to reexamine the application of technologies, processes, and analytic acumen.
Technical staff, line-of-business leaders, and other decision makers are pressed upon to make rapid and informed decisions that support objectives around optimized production at the lowest cost. Using advanced analytics, these decision makers can gain game-changing insights that enable accurate forecasting and reduced costs resulting in new levels of profitability.
A dynamic view of the business
The emergence of new sources of data adds both to the complexity of the current landscape and the potential for big data and analytics to transform oil and gas companies. These sources include data from text-based reports, data contained in markup languages like WITSML and PRODML — along with unstructured data from such sources as maintenance records, file stores, and knowledge repositories.
New technologies and tools allow oil and gas companies to leverage these data types for rapid analysis and dynamic visualization, resulting in a more comprehensive view of the business issues. Advanced analytic tools transform static analysis and dense data sets into dynamic visuals that can be intuitively interrogated by even novice users to answer queries from decision makers. Using predictive analytics, users can run and operate their capital projects more effectively — for example, using forecasting algorithms to drive supply and demand management and predict equipment failure or down-hole problems during operations.
Deloitte Analytics solutions: Powering the oil and gas value chain
Deloitte Analytics oil and gas solutions can support near-real-time data flow architectures that work with traditional sources to speed analysis and support new and emerging data types, including high volume and velocity data. These solutions also empower end users to self-manage many of their priorities through intuitive interrogation and data discovery techniques without depending on inflexible back-end systems.
For more information on how Deloitte can help you achieve better business outcomes using analytics, download the PDF.