What are Energy Analytics?
Energy analytics helps oil and gas companies ensure employee safety, operate at peak efficiency, and increase field production. Today, energy companies are employing analytics across every part of the business—from upstream to midstream to downstream—to meet market demands and gain a competitive advantage.
Energy analytics can be employed across all the functional areas of oil and gas, including:
- Planning: Identify the best regions for future development based on multiple data sources
- Scenario Analysis (Forecast vs. Actual): Forecast future production and apply hypothetical scenarios for production, including economic conditions, to understand possible effects
- Optimal Maintenance,? Planning, and Route Optimization: Reveal increasing costs, examine manufacturing systems, use machine learning models to understand the root cause for failures identified, forecast future costs, and develop a plan to meet a timeframe for fixing the problem
- Completion Optimization: Use machine learning models to understand completion parameters that affect production. What-if scenarios allow for the evaluation of increased production vs. capital costs and for production estimates of new areas.
What are the Benefits of Energy Analytics?
Energy analytics can help oil and gas companies improve margins, grow profits, and outcompete their peers by gaining insights from their data. Energy analytics produces insights that then enable better decisions faster to improve operations, seize opportunities, and mitigate risks. Using energy analytics, oil and gas companies can improve equipment uptime, raise cross-functional awareness of data collected, and accelerate the use of data for successful business operations.