According to an Accenture study produced in collaboration with the Massachusetts Institute of Technology, high-performing companies are taking 94 percent of their decisions based on analytics compared to only 48 percent by the low-performing ones. Furthermore, high performing companies are almost four times as likely to report receiving a significant return on investment from analytics – 92 percent - compared to 24 percent by low performers1.
For oil and gas companies today, streamlining, integrating and analyzing the information flowing in from exploration and production activities is increasingly the key to optimizing production, improving productivity and speeding up turnaround.
Upstream companies face the challenge of integrating information from numerous systems, including reservoir simulation systems, production forecasting tools and hydrocarbon accounting systems whilst efficiently managing cross-discipline processes that touch multiple stakeholders. For example, lack of alignment between corporate planning and field operations makes it difficult to react to changes in capital strategy as the oil-price changes. This is where data-driven analytics can make a world of difference.
In oil and gas, the rise in importance of digital technologies, including analytics, is evident. According to a recent Accenture and Microsoft survey on oil and gas digital trends, company executives agree that implementing more digital technologies will create more business value. The areas that they believe will improve business efficiencies are: efficient workforce, faster and informed decisions.2
In the oilfield environment, the use of mobile devices, in particular, is on the increase, helping engineers receive alerts or connect with remote centers to speed up operations and maintenance. Other digital tools that are being used to optimize production include: telematics for tracking workers safety; cloud solutions for well schedule optimization or revenue accounting; scheduling tools, and embedded analytics or machine-to-machine communication for real-time decision-making.
Watch our recent video to know how digital technologies and tools can bring new life to your offshore production and operations.
1. “Winning with Analytics”, Accenture and MIT, © 2015 Accenture
2. “Oil and Gas Digital and Technology Trends Survey”, Accenture and Microsoft, © 2015 Accenture