Over the last year we have been talking with some of the largest oil and gas companies in the U.S. about using Prescriptive Analytics with Hybrid Data to help improve exploration and production. Many are starting to “dip their toes” into the technology. One of the things they’re recognizing is the need to factor multiple types of data that the exploration and production processes generate, including:
Images from well logs, mud logs and seismic reports
Videos from down-hole cameras of fluid flow from hydraulic fractures
Sounds from fracking collected by fiber optic sensors
Text from drillers’ and frac pumpers’ notes
Numbers from production data, artificial lifts
Atanu BasuSix Ways Prescriptive Analytics Can Improve Energy Exploration and Production
Just a few months ago, if you did a Google search on the term “Prescriptive Analytics,” you would pull up a couple of sites for information: the Ayata website, a Wikipedia entry and an article by TechTarget that defines the technology.
Atanu BasuRemembering the Origin of Prescriptive Analytics
Late July 2013, news broke that the kingdom of Saudi Arabia was facing the unthinkable—a shortfall of oil export revenue. A report to the kingdom’s oil minister published on Twitter cited the rising production of U.S. shale oil as a major reason behind decreased demand.
Atanu BasuShale, Big Data and the End of Saudi Reign at the Pump