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Joe Gimenez

Oil & Gas Supermajors Push Forward on Analytics

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WaqasAltaf
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Data Doctor
Re: Analytics to enhance production
WaqasAltaf   1/29/2013 1:37:19 PM
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@ kq4ym

True.

Analytical tools will be prone to error because it is the human who enters the data and directs what is to be the resultant. If human error occurs, tools cannot be blamed. 

kq4ym
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Re: Analytics to enhance production
kq4ym   1/28/2013 9:15:53 AM
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Analytics almost seem to be a given necessity in the oil business. The question in getting accurate data though is still a sticking point. And presumably theorizing which data to use and the importance of each to bring predictive results in line with the cost of analysis.

A slight miscalculation not only brings losses to the company but environment and legal ramifications can result as well.

WaqasAltaf
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Data Doctor
Analytics to enhance production
WaqasAltaf   1/22/2013 9:39:41 AM
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Frankly, I have never worked for an Oil and Gas company as an employee or consultant so I won't be able to agree or disagree with the situation in the sector but one thing is impressive that organizations are considering to enhance resource extraction by using analytics which in many organizations is perceived as a great tool for assessing the customers and their demands (that is the sales and marketing aspect).

WaqasAltaf
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Staff requirements
WaqasAltaf   1/22/2013 9:35:24 AM
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" the appointment of data stewards to improve data quality and reliability;"

This to me is the most effective way to implement data quality and reliability because there has to be someone who creates and communicates formats for input of data for the end-users that are based on the principles of data standardization so that the resultant database across organization can give valuable input for analytics. Effective usage of expensive MISs implemented in the organizations can solve the problem to a great extent because in most instances, the MIS is designed to generate reports that are usable for analytical purposes.

Noreen Seebacher
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Re: Disagree
Noreen Seebacher   1/21/2013 11:02:41 AM
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I think the industry is much farther ahead than some people suspect. Take a look at this article:

Big Oil's Big Data Push Changing the Future of Energy

BethSchultz
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Re: Disagree
BethSchultz   1/21/2013 10:14:23 AM
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Sounds to me like there's still lots of work to be done to finesse the data collection, cleansing, and analytics processes within this industry. 

Noreen Seebacher
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Disagree
Noreen Seebacher   1/21/2013 7:39:01 AM
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Joe I have to take issue with the premise of this post. It seems to me that the ability of both super majors and global independents to successfully exploit unconventional resources worldwide is directly related to optimizing data. To say that the industry's use of data and analytics is "less than encouraging" just does not make sense to me.

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