DATA IN TEG RAT I O N
Analytics in the
oilfield
Properly deployed, predictive and other forms of
advanced analytics can yield crucial insights for
exploration and production companies.
BY WARREN WILSON
redictive analytics software
has become increasingly attractive as it has increased in
capability and fallen in price.
It is becoming so powerful that many enterprises consider it a must-have technology. As with any investment decision,
however, mounting enthusiasm tends to
mute the critics and skeptics who may
have valid questions about the rationale.
The importance of predictive and
other forms of advanced analytics is
self-evident. Properly deployed, they
can yield crucial insights obtainable
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in no other way. Accordingly, exploration and production (E&P) companies
should develop an analytics strategy as
quickly as possible, if they have not
already done so.
E&P companies should also be mindful that investments made without clear
goals and implementation plans risk
wasting critical resources and not achieving the desired results. As E&P companies formulate their plans, they can boost
the likelihood of success by taking care
to address three basic questions: What
business value do you expect to gain,
W W W. I N F O R M S . O R G