Playbooks Supplements

Data-Driven Oil Fields 2017

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JANUARY 2017 | DATA-DRIVEN OIL FIELDS | EPMAG.COM 22 DATA AND ANALYTICS Fueling Business Value with Data and Analytics The oil and gas industry is adopting a data-driven mindset to optimize production. By John Genovesi Rockwell Automation T here's no denying the fact that data and analytics are gaining steam in the oil and gas industry. Just look at what Accenture and Microsoft found from a recent survey of upstream oil and gas professionals: • Two-thirds (66%) said analytics is one of the most im- portant capabilities for transforming their company– even though only 13% said their organization has fully mature analytics capabilities; • The number of respondents who said they are investing in the Internet of Things (IoT) nearly doubled from 25% last year to 44% this year; and • More than half (56%) said they plan to use the cloud to enable analytical capabilities in the next three to fi ve years. And it is not only happening upstream. Midstream and downstream operators also are interested in–if not already demonstrating–the ways that data and analytics can help improve their operations. So what is driving this trend? Certainly, oil and gas compa- nies see a signifi cant opportunity to improve their operations. Better insights into processes can uncover issues and improve decision-making to help boost production, improve processes, minimize downtime and increase asset utilization. But data and analytics also can help companies contend with some of their greatest challenges, including: • A growing skills gap: Like other industrial sectors, the oil and gas industry is facing a skills shortage. Experienced workers are nearing retirement, and qualifi ed young workers are increasingly hard to fi nd to replace them; • Increasing operational complexity: Oil and gas pro- ducers are capturing hydrocarbons from new and more challenging locations, whether it's deep subsea reserves or By collecting valuable asset data and contextualizing it into actionable information, oil and gas companies can empower workers with critical operational information and help them optimize equipment performance. (Photo courtesy of Rockwell Automation)

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