How Big Data and Analytics increase Production Asset Uptime in Oil Fields?
Oil and Gas producers continue to be highly focused on reducing their operations costs to reach break-even prices below $40/bbl. Although oil prices have recovered to above $60/bbl recently, companies must continue to make investments in improving operational efficiencies to sustain and improve their profitability in the new ‘normal’ era of low oil prices. Break-Even Prices of Oil Companies since 2014 Where to focus to sustain continuing cost reduction…. According to ARC Advisory Group, companies could lose up to 5% of production due to unplanned downtime. The average impact of unscheduled downtime has caused process companies to lose more than $20 billion in production annually. As production assets in the oil fields -whether offshore or onshore- are always exposed to harsh environments, maintaining equipment to keep up with production is often challenging. Due to the asset-intensive nature of oil and gas companies, any slight improvement in asset utilization can...