Harness Oil and Gas Big Data with Analytics: Optimize Exploration and Production with Data Driven Models

Chapter 10Big Data: Structured and Unstructured

Any enterprise CEO really ought to be able to ask a question that involves connecting data across the organization, be able to run a company effectively, and especially be able to respond to unexpected events. Most organizations are missing this ability to connect all the data together.

Tim Berners Lee

The oil and gas industry, a sector known for its rapid adoption and ability to adapt to challenges of the digital age, is entering a new generation of digital transformation. As assets’ yields become harder to access and even harder to forecast, it is imperative that the industry is collecting and maintaining its data efficiently.

As companies take in petabytes of data daily, it is the ability to understand analytical trends, to accurately interpret all geological, engineering, production, and equipment data efficiently and in real time that ensures success. The capacity to access and draw rich insights from your datasets is at the heart of profitability in this industry where your success relies on how quickly you can forecast potential while keeping costs low to actualize that success; you can’t afford to get lost in datasets.

Big Data is a popular term used to describe the exponential growth and availability of data, both structured and unstructured. And Big Data may be as important to the oil and gas industry as the Internet has become to society. Why is this so? More data may lead to more accurate analyses. More accurate analyses ...