There is no end to the changes that technology brings to industry and society. As the driving force behind almost everything else, this is particularly true in the energy sector. What used to be called “Big Oil” can rightfully now be called “Big Oil Data”.
But what does it mean, this flux of information and energy? Keep reading for your guide to the way big data is transforming the oil and gas industry.
What Is the Big Oil Data Industry?
Big Data is a hot buzz term, but it’s also a real phenomenon. It’s a thing that people weren’t able to do until recently. It requires the technology of superfast computers and gigantic storage capacity.
Big Data is about using computer technology to analyze huge data sets. Data is information that is useful in some way. Big data takes chunks of information that are so large, that normal methods of processing it don’t work.
Big Data invents new ways of looking at data, like machine learning. In machine learning, big data scientists tell computers what the problem is, but not how to solve it. The machine then tries millions of different techniques until it finds the best solution.
In oil and gas industry analysis, scientists look at huge data sets that include streams of satellite geological information. It would be impossible for a person to physically go over this information and make heads or tails of it. With Big Data and machine learning, computers can identify locations where prospecting activities should take place.
Like other industries, oil and gas have benefitted from system standardization and management. Even across cultures or nations, the way an oil field operates is essentially the same. Managers need to understand well capacities, human resources, and field reports.
By allowing third parties with specific experience to outsource their toolchain, management essentially acquires the experience of all the people who create the software.
In the oil and gas sector, satellites are being used to peer down on the Earth from outer space. The information is vast and requires big data techniques to interpret.
In the energy sector, the flow of capital is almost as fast as the flow of physical energy. Big data is used to analyze consumer trends and facilitate trading. The days of traders yelling across the floor are long gone. Machines make thousands of trades a second, and run circles around human day traders.
Oilfield management software, like this one found at http://www.greasebook.com, enables operators to benefit from the hard-earned experience of others. Now the business manager can have an operational awareness that in the past was simply impossible. Data flows to the decision makers faster than ever.
It’s All About the Technology!
The oil data business is evolving faster than can even be comprehended. New technologies and new methods of analysis enable the human race to power a new world beyond the expectations of anyone.
Business and technology are two pillars driving the changes to a more green world, and we know all about it. Check out our blog for more fascinating articles that will open your eyes to the future!