Data Science and Machine Learning- A boon to the Oil and Gas Industry
With every industry improving its standard of operations and gaining better customer value, the oil and gas industry is also making improvements in its ways to enhance efficiency by reducing operating costs and boosting revenues. With technologies such as data science and artificial intelligence, oil and gas industries are moving ahead with better results and opportunities.
Data Science provides multiple advantages to the industry by enhancing data efficiency, security, and storage properties, also who wouldn’t when at times like these the hackers are up on the nerves of every great business for its data?
Data is an inevitable asset of any industry and keeping it secure and stored provides easy access to history, helping in adopting new trends and observing the changes, if they are as beneficial as the previous ones were.
Data science in Oil and Gas Industry
Business data is mostly unstructured and huge in volume, it requires a large platform to secure the scattered data all over different sources such as financial records, text files, multimedia, instrument sensors, etc. Also, analyzing this data and managing it requires a lot of effort which is sure not easy for humans' hands to perform. What it requires is a set of programs and algorithms to process it and analyze it properly and effectively. Digital tools offer the oil and gas industry platforms to manage, define, use, or connect their data without going into the depths of it through digital transformation.
Not just this, data science helps the oil and gas industries by offering fiber optics solutions providing a wide range of data on environmental conditions such as temperature change, equipment performance, status, and oil reserve levels. This also helps in managing the functioning and financial performance of the company. Also, as per credence research, the oil & gas analytics software market is expected to grow at a compounded annual growth rate (CAGR) of 17.5% during the forecast period from 2018 to 2026.
When data science in the oil and gas industry is helping to understand the defects and causes of previous issues, it also provides solutions as to which strategy and functions provided better results and what was the point behind it. The need for data science is increasing exponentially with the adoption of technology and digitization. It also helps in proactive decision making and offering solutions based on predictive (models) thinking.
Machine Learning or AI in the Oil and Gas Industry
Better data science and machine learning technology help the oil and gas industry to thrive and obtain better strategies to balance its supply and demand chain. As per the industry experts, machine learning and artificial intelligence in this sector help in streamlining the workforce and also in delivering and optimizing accurate strategy models.
Machine learning provides data analysis and enables the system to accurately analyze huge amounts of data in a quick way by consuming less effort. Along with this, modern and efficient software applications allow building proper geological models that assist in predicting, analyzing, and understanding the matter exactly as it is beneath the surface before drilling.
Machine learning can also help in optimizing the drilling and exploration processes and whenever a hole is dug, the raw data consisting of different fields are recorded, and then it is analyzed properly before it gets stored into a software. As per the industry experts, 60-90% of the everyday tasks can be automated with the help of AI and ML in the oil and gas industry. Also, detailed information provided of a region can provide a clear image of the geology of that area, helping to identify or prevent more boreholes simultaneously saving time and effort.
The future of the Oil and Gas Industry
The faster the technology is adopted, the faster the results appear. Data analysis and machine learning are not just some applications to improve certain methods or operations in the oil and gas industry but they are the technology that gradually improves and provides growth to the industry as a whole. With effectiveness, efficiency, less time consuming, and better outcomes, technology and digital transformation has provided immense support and growth to the oil and gas industry. The future is of great outcomes and better operations.
