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Use of Big data in Oil and Gas Sector

Primary activities of any oil and gas company generate large amount of data. This is developing heightened demand for big data and services in this sector. The market ofr such solutions is expected to grow by $3.99billion to $5.41billion in 2020.  Big data analytics could help in reducing time lag, and improving drilling parameters in identifying any traces in seismic signatures derived from geological and operational data. Employing data analytics can also help detect any abnormalities in drilling and could save millions in labor and equipment costs. Recovery and production can be enhanced by applied analytics seismic and drilling data. One of the major challenges faced by large companies is lack of skilled labor which can be solved with knowledge management using big data. Recent Paris Agreement has created unprecedented opportunity for countries for decreasing temperature less than two degrees celcius above pre-industrial time which encourages oil companies to improve operational performance and efficiency. Read more at: http://www.technavio.com/blog/how-oil-and-gas-using-big-data-better-operations

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