The ability to predict the future to optimize operations has been the aim of oil and gas companies for some time. For the past fifty years, planners have chased accurate models to predict future energy supply, demand and prices and the significant developments that impact on them.
Could that time finally be here? Thanks to recent advances in data analytics technologies, oil and gas companies now have the prospect to considerably widen and systematize the scope of their forecasting to include operational processes up and down the value chain. “The oil and gas industry may have emerged from its last downturn, but the pressure on companies to find new capital and operating efficiencies remains unrelenting,” Nial McCollam, chief technology officer at Lloyd’s Register, says.
Author: Mark Venables