In the oil industry you can make or lose money based on how good your forecasts are, so I’ve pulled together six papers that discuss different ways in which you can leverage analytics to optimize your output and more accurately predict your production performance. Written by employees at oil and
Tag: oil and gas
As traditional reserves deplete and oil prices rise, market analysts predict that the global demand for petroleum products will increasingly be met with oil extracted from non-traditional resources in more challenging and harsher environments. Therefore, companies across the oil & gas industry are evaluating technologies and processes that can deliver
In an increasingly complicated operating environment, the global oil and gas industry struggles to optimize their asset portfolio. Producers combat severe challenges inherent to aging facilities in the context of pricing volatility. Change is the new constant, as the cyclical nature of the oil and gas industry means that producers
The dramatic drop in crude oil prices from the highs above $100USD per barrel down to levels around $50 per barrel is one of the drivers behind the industry’s march towards improved operating efficiency. Along the corridors of Independent Oil Companies (IOCs) and National Oil Companies (NOCs), machine learning and
“Analytics” and “data scientist” aren’t new terms, but they are trending buzzwords. The popularity of these concepts has created a false impression: Analytics are mysterious abstractions that can only be decoded if you have a white lab coat and an advanced degree in computer science. The reality couldn’t be more different.
Under-utilized technology creates a drag on an organization. The ability to get more out of the tools you already use can increase the value of an existing investment, and that value grows as processes become more efficient and decisions are based on firmer foundations. Consider the facilities engineer at an
The Barnett Shale in North Texas hit a historic mark on April 25: Its rig count fell to zero. Two hundred rigs once harvested the 40 trillion cubic feet of natural gas in this massive basin, stretching beneath 17 Texas counties. Today, nothing. This dramatic silence in North America’s second-largest
Small causes can have large effects; or how a discovery in the Barnett Shale can spike some interest in the rest of the world and change the face of the industry. This article is co-written by Sylvie Jacquet-Faucillon, Senior Analytics Presales Consultant, SAS France; and David Dozoul, Senior Adviser
Year-end outlooks from most analysts project the low-price environment in the oil market will continue for most of next year, but some pundits emphasize that the market has bottomed out and suggest recovery, though gradual, may be seen if increasing demand outpaces supply growth and sops up some of the
Times have changed. As the oil industry shutters and sheds investments that made sense during the two-year period in which oil rode comfortably above $90, the market is establishing a new equilibrium at $40/barrel. This despite the fact that the Baker Hughes domestic rig count is down 64 percent. It’s