Big Oil and Big Data

Of the environment & energy economics blog

In the past one year, the media buzzword is Big Data. Big Data is the deluge of data that arrives in 3 V’s – volume, variety and velocity. The widespread uses of smartphone, sensors and the internet have seen this phenomenon repeated in almost all industries.

The oil industry is none the exception, with exploration and production activities being key beneficiaries of the productivity from Big Data. Oil exploration and production has come a long way with use of new techniques like fracking and horizontal drilling, and new resources in the deep seas, shale and oil sands. Oil companies now use distributed sensors, real-time communications and data mining techniques to monitor and fine-tune these in-coming data. In Chevron’s case, this traffic alone exceeds 1.5 terabytes a day. The increase in efficiency from these data uses can make production economical in otherwise costly productions. In a recent talk by Pattern Discovery attended…

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