Applications in Oil and Gas Prescriptive analytics

1 applications in oil , gas

1.1 unconventional resource development
1.2 oilfield equipment maintenance
1.3 pricing

applications in oil , gas

key questions prescriptive analytics software answers oil , gas producers

energy largest industry in world ($6 trillion in size). processes , decisions related oil , natural gas exploration, development , production generate large amounts of data. many types of captured data used create models , images of earth’s structure , layers 5,000 - 35,000 feet below surface , describe activities around wells themselves, such depositional characteristics, machinery performance, oil flow rates, reservoir temperatures , pressures. prescriptive analytics software can both locating , producing hydrocarbons

by taking in seismic data, log data, production data, , other related data sets prescribe specific recipes how , drill, complete, , produce wells in order optimize recovery, minimize cost, , reduce environmental footprint.

unconventional resource development

examples of structured , unstructured data sets generated , oil , gas companies , ecosystem of service providers can analyzed using prescriptive analytics software

with value of end product determined global commodity economics, basis of competition operators in upstream e&p ability deploy capital locate , extract resources more efficiently, effectively, predictably, , safely peers. in unconventional resource plays, operational efficiency , effectiveness diminished reservoir inconsistencies, , decision-making impaired high degrees of uncertainty. these challenges manifest in form of low recovery factors , wide performance variations.

prescriptive analytics software can accurately predict production , prescribe optimal configurations of controllable drilling, completion, , production variables modeling numerous internal , external variables simultaneously, regardless of source, structure, size, or format. prescriptive analytics software can provide decision options , show impact of each decision option operations managers can proactively take appropriate actions, on time, guarantee future exploration , production performance, , maximize economic value of assets @ every point on course of serviceable lifetimes.

oilfield equipment maintenance

in realm of oilfield equipment maintenance, prescriptive analytics can optimize configuration, anticipate , prevent unplanned downtime, optimize field scheduling, , improve maintenance planning. according general electric, there more 130,000 electric submersible pumps (esp s) installed globally, accounting 60% of world s oil production. prescriptive analytics has been deployed predict when , why esp fail, , recommend necessary actions prevent failure.

in area of health, safety, , environment, prescriptive analytics can predict , preempt incidents can lead reputational , financial loss oil , gas companies.

pricing

pricing area of focus. natural gas prices fluctuate dramatically depending upon supply, demand, econometrics, geopolitics, , weather conditions. gas producers, pipeline transmission companies , utility firms have keen interest in more accurately predicting gas prices can lock in favorable terms while hedging downside risk. prescriptive analytics software can accurately predict prices modeling internal , external variables simultaneously , provide decision options , show impact of each decision option.