Advanced analytics is one of the critical components in the digitalization of the oil and gas (O&G) industry. Its focus is on managing and processing a high volume of data to improve operational efficiency, enhance decision-making, and mitigate workplace risks. Enhanced processing of seismic data also provides the industry with a better understanding of advanced analytics applications. However, this industry still exercises caution in adopting new technologies.
Although the oil and gas industry has become more interested in utilizing advanced analytics recently, there are still challenges mainly due to a lack of business support and awareness about the industry’s advanced analytics. Furthermore, the quality of the data and understanding the complexity of the problem are also among the challenging parameters facing advanced analytics.
This chapter examines the potential for advanced analytics in the upstream and midstream oil and gas industry sectors.