What are the Benefits of Data Science in the Oil and Gas Industry?

We are in the midst of a historic moment of tremendous expansion for the oil and gas industry, with mind-boggling increases in both hydrocarbon output and digital data. Data Science and all new and emerging technologies allow for the discovery of new opportunities, resulting in more efficient processes, increased safety, and significant cost savings.

Here are a few instances of how Data Science may help the Oil and Gas industry:

1. Exploration and discovery - Oil pockets can be predicted using seismic and geological data, such as rock types in adjacent wells.
2. Production accounting - Alarms can be linked to production data.
3. Drilling and completions - Predictive analytics can use geological completion and drilling data to decide which drilling locations are preferred and best.
4. Rig maintenance — Historical drilling data can be compared to real-time streaming data from rigs to help detect and prevent problems and better understand operation hazards.

These examples demonstrate Data Science’s operational goal in Oil and Gas: to continuously maximize the life cycle value of Oil and Gas assets through real-time monitoring, continuous updating of predictive models with the most recent data, and continuous optimization of multiple long- and short-term decisions.