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Perspective: Applying Big Data and Analytics to Drilling Efficiency -One Company%s Approach Published on July 2014
Report Summary
This IDC Energy Insights Perspective provides a summary of a Big Data and analytics (BDA) initiative that recently caught our attention. The initiative is presented as an example of how one upstream oil and gas company is deploying BDA. There was a time when costs were no object to the oil and gas industry. Upstream oil and gas recognized significant margins. But the industry is changing. Costs of drilling and production, including personnel and rigs, are increasing at a time when prices are either low (natural gas) or not expected to increase over the long term (crude oil). Many oil and gas companies, especially those involved in the new shale plays, are now focusing on achieving operational efficiency by adopting a manufacturing approach to exploration and production. The company that is the focus of this Perspective is no exception. The question the company is addressing is how to best deploy technology, including information technology, to gain operational efficiency and how to do so in a cost-effective manner. The company is an international oil company engaged in exploration and production, oil sands mining, and integrated gas. Revenue for 2012 was over $15 billion. The company employs close to 5,000 people across the globe. In 2012, the company had reserves of over 2,000 million barrels of oil equivalent (BOE) and total production was close to 500 million BOE per day from North America, Africa, and Europe. The company is experiencing close to double-digit growth, driven by its liquid-focused growth assets in the shale plays in the United States while acquiring high-value and high-potential, lower-risk projects it has been able to execute well based on its drilling pace and operational performance. It is driving to sustain top quartile operations in its peer group by achieving continuous improvement in reducing cycle times.
Table of Content Table of ContentsIn This PerspectiveGetting to Drilling EfficiencyThe SolutionThe ChallengesKey Findings/Lessons LearnedLearn MoreRelated ResearchTable: Desired Capabilities and Approach
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