Role Of Predictive Analytics For Asset Optimization Of Oil...

Role of Predictive analytics in Asset Optimization in Oil and Gas Industry In recent times, Predictive analytics has started to play an important role in asset optimization in various industries. One such industry which is highly asset intensive is the oil and gas industry, a capital intensive and equipment heavy industry with lot of scope for improvement in asset management, supply chain network optimization, and operational management with its multiple assets ranging from drilling rigs, wells in the upstream segment to pipelines and refineries. Asset Optimization: A challenge The oil and gas industry is important in the sense that it plays an important role in shaping the future of many economies around the world. A quick analysis of the financial statements of the five super-majors (BP, ConocoPhillips, ExxonMobil, Shel ) shows that plant, property and equipment on average accounts for 51% of total assets. [1] Hence proper maintenance, management of the capital assets is highly desirable. These assets are highly costly to design, build, operate and maintain. Existing oil wells are drying up at an alarming rate, hence making it difficult for companies to cope. It is getting increasingly difficult to find newer sources from where oil can be extracted. In many cases they are deep underground, difficult to drill and distant from companies existing sites. Another challenge facing these industries is that in order to extract oil from these wells, firms need cutting-edgeShow MoreRelatedAnalytics In Oil And Gas Essay1068 Words   |  5 PagesRole of Analytics in Global Oil Gas Introduction: The usage of oil and gas goes on increasing day by day. So, the methods used for extractions must be changed to face the normal need of these oil and gas in future. There are many challenges which the oil and gas industries are facing to satisfy the demand of these resources. 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