ABSTRACT
The oil industry is witnessing a period of lower crude prices due to the combination of oversupply and weak global demand, which continues to hamper profit margins. In addressing this challenge, upstream companies are going through a phase of significantly reducing their number of projects, cutting capital expenditures, and downsizing workforces. Data analytics is perhaps the most talked about subject within the upstream industry. Data-driven technologies are transforming the way upstream industry is operating in numerous ways and redefining digital oil field boundaries. This chapter discusses the most notable trends within upstream oil and gas companies that are adopting data-driven technologies. Advancements in sophisticated field surveillance, sensors and actuations, connectivity platforms, storage technologies, mobility, big data, and analytics is enabling upstream companies to process and analyze a variety of field data rapidly for understanding reservoir and production potential, improving health and safety, and enhancing operational efficiencies. Predictive analytics solutions are typically based on pattern recognition and machine learning technology.
