One of the most definitive ways in which big data can be used on an everyday basis is by predictive analytics that relies on the science of taking facts from the past to analyze the present and bring clarity to the future.
In the oil field, automatic surveillance by exception is a simple yet powerful way of using data and predictive analytics. If the predictions of the future from analyzing the present and past facts do not match, then a problem has been identified. Detecting and trying to rectify the problems early is one of the cheapest ways to boost production.
Wells that are big producers are typically watched by many eyes with extensive instrumentation to record various parameters at regular intervals that enable quick responses when required. However, assistance onsite, be it engineers or instruments are very expensive. So, if data can be used as an effective metric to measure current production, a simple, inexpensive system will suffice, potentially reducing millions of dollars. The key to improving surveillance is making an accurate prediction because if so, it will be easier to spot deviation from the ideal circumstance.
The best tool to achieve improved surveillance is accurate forecasts that should provide the full range of future production possibilities by combining map and production data with long-term production forecasts generated in an automated fashion.
Technology that helps you analyze data and forecast future events can look closely over your operation and trigger alarms and alerts when said events occur, allowing the use of less manpower to manage larger portfolios and more assets.
Accurate forecasts enable the decision-making process for financial investors, state officials, production engineers, and upstream executives among others. Having an accurate understanding of wells and their performance in the future can prove to be a powerful tool that can be a major change for the oil and gas data information sector; it will lead them to make informed decisions.