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Big data analytics-I: Industry has already begun reaping benefits
Jan 09: Big data, algorithms and analytics seem to be already dramatically transforming how oil & gas companies work with rigs, platforms, refineries, and other assets - as well as the people who operate them.
8The oil & gas business has become a margin business and big data analytics seems to be providing the much-needed competitive edge.
8And as artificial intelligence, robotics and other technologies develop, the world is already seeing a competitive gulf appear between those who exploit these tools and those who do not.
8Big oil companies are creating large data lakes of data on drilling wells, operations and other parameters which their employees can tap into
8These lakes stores petabytes (PB) of data, with some big companies storing as much as a billion new records added each day
8A new logarithm by an employee allowed an oil major to see through layers of salt to uncover a new "field in a field" - holding 200mn barrels of oil.
8Start-up process in oil and gas fields are now becoming paperless, with information exchanged on computers and tablets. It was collaborative, with offshore personnel working in real-time with engineers onshore and in headquarters.
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