Big data technologies have been behind several disruptive changes in diverse end-use industries in recent years by paving way for innovative data-driven approaches. Staggering rise in worldwide energy demands has upped the demand for boosting offshore oil and gas production in various regions, especially in developed nations. Predicting downtime has been one of the key determinants in improving the performance of data-intensive oil and gas production systems. A new Predictive Analysis Service, known as X-PAS, is unveiled by Operational Excellence (OPEX) Group. The system based on predictive analytics and digital modelling techniques is helping companies in the oil and gas sector to predict downtime, with an aim to reduce the probability of critical system failures. The digital model keeps a tab on operations, tracking deviations, identifying threats, and help in designing appropriate interventions to avoid offshore production problems.
Harnessing Big Data Technologies for Reducing Critical System Failures in Oil & Gas Sector
Recently, a case study demonstrating the potential of the predictive analysis services was done at Oil & Gas UK’s Efficiency Hub. Oil & Gas UK, a not-for-profit organization, represents the offshore oil and gas industry in the U.K. and, notably, includes various types of companies in UK Continental Shelf. The Hub welcomes innovations in production practices and supports continuous improvement in programs in the sector. These initiatives form a part of digital transformations to open smarter ways for doing business in oil and gas production n developed regions.
Oil and gas operators in the offshore oil and gas industry are actively seeking ways to harness big data in operations to augment production revenue. The Predictive Analysis Service will pave way for innovations in data-driven approaches in maintaining critical production systems in the sector by harnessing the potential of data science.