Energy & Mining International - Winter 2016 - 20

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AUTOMATION | COLUMNS

Streamlining
Processes

The key to efficiency and productivity is the right data at the right time.
BY DONALD FISHER
Technology is helping oil companies drive stronger efficiencies.

Winter 2016

T

he oil industry has been hit
hard this year and companies are struggling to keep
afloat financially. With the
price of a barrel of oil selling
for almost half of what it was in 2014,
consumers are rejoicing, while companies are experiencing diminishing
profit margins. Oil companies are feeling the impact of these lower margins
- according to MIT Technology Review,
the energy analysis firm Platts found
that the U.S. rig count decreased by
over half since May 2014. But the good
news is that even while the number of
active rigs dropped at alarming rates,
data analytics offers hope.

REAL-TIME DATA ANALYTICS
With lower profit margins, oil companies are turning to technology to create
a stronger balance sheet. The aim of the
technology is to increase the efficiency
of capital employed in producing a barrel of oil equivalent (BOE) by using data
analytics to reduce costs and create
wider margins. In fact, according to the
same MIT Technology Review article
mentioned above, many oil companies
are now investing as much in information technology and data analytics as
in exploration and production. Just a
couple of years ago when profits were
at an all-time high, this distribution
would be inconceivable.
It's not a surprise that the oil industry is turning to data analytics - almost
every other industry from retail to
healthcare has done the same. However, what many continue to struggle
with is how to have the right strategy
and technology in place to make sense
of the data pouring in from sensors being placed everywhere from pumps to
drill bits. This proliferation of sensor
and communication technology makes
up the oil and gas industry's fundamen-

20 emi-magazine.com


http://www.emi-magazine.com

Table of Contents for the Digital Edition of Energy & Mining International - Winter 2016

Contents
Energy & Mining International - Winter 2016 - Cover1
Energy & Mining International - Winter 2016 - Cover2
Energy & Mining International - Winter 2016 - 1
Energy & Mining International - Winter 2016 - 2
Energy & Mining International - Winter 2016 - Contents
Energy & Mining International - Winter 2016 - 4
Energy & Mining International - Winter 2016 - 5
Energy & Mining International - Winter 2016 - 6
Energy & Mining International - Winter 2016 - 7
Energy & Mining International - Winter 2016 - 8
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Energy & Mining International - Winter 2016 - 20
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Energy & Mining International - Winter 2016 - Cover3
Energy & Mining International - Winter 2016 - Cover4
http://www.nxtbook.com/nxtbooks/knighthouse/emi_vol17issue4
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http://www.nxtbook.com/nxtbooks/knighthouse/emi_2017winter
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http://www.nxtbook.com/nxtbooks/knighthouse/emi_2017spring
http://www.nxtbook.com/nxtbooks/knighthouse/emi_2016fall
http://www.nxtbook.com/nxtbooks/phoenix/emi_2016spring
http://www.nxtbook.com/nxtbooks/phoenix/emi_2016winter
http://www.nxtbook.com/nxtbooks/phoenix/emi_2015fall
http://www.nxtbook.com/nxtbooks/phoenix/emi_2015summer
http://www.nxtbook.com/nxtbooks/phoenix/emi_2015spring
http://www.nxtbook.com/nxtbooks/phoenix/emi_2015winter
http://www.nxtbook.com/nxtbooks/phoenix/emi_2014fall
http://www.nxtbook.com/nxtbooks/phoenix/emi_2014summer_vol2
http://www.nxtbook.com/nxtbooks/phoenix/emi_2014summer
http://www.nxtbook.com/nxtbooks/phoenix/emi_2014spring
http://www.nxtbook.com/nxtbooks/phoenix/emi_2014winter
http://www.nxtbook.com/nxtbooks/phoenix/emi_2013fall
http://www.nxtbook.com/nxtbooks/phoenix/emi_2013_summer_vol2
http://www.nxtbook.com/nxtbooks/phoenix/emi_2013summer
http://www.nxtbook.com/nxtbooks/phoenix/emi_2013spring
http://www.nxtbook.com/nxtbooks/phoenix/emi_2013winter
http://www.nxtbook.com/nxtbooks/phoenix/emi_2012fallwinter
http://www.nxtbook.com/nxtbooks/phoenix/emi_2012fall
http://www.nxtbook.com/nxtbooks/phoenix/emi_2012summer
http://www.nxtbook.com/nxtbooks/phoenix/emi_2012spring
http://www.nxtbook.com/nxtbooks/phoenix/emi_2012winter
http://www.nxtbook.com/nxtbooks/phoenix/emi_2011fall
http://www.nxtbook.com/nxtbooks/businessmedia/emi_20110607
http://www.nxtbook.com/nxtbooks/businessmedia/emi_2011summer
http://www.nxtbook.com/nxtbooks/businessmedia/emi_2011spring
http://www.nxtbook.com/nxtbooks/businessmedia/emi_2011winter
http://www.nxtbook.com/nxtbooks/businessmedia/ep_2011winter
http://www.nxtbook.com/nxtbooks/businessmedia/ep_2010fall
http://www.nxtbook.com/nxtbooks/businessmedia/ep_2010summer
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http://www.nxtbook.com/nxtbooks/schofield/ep_2009winter
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