Technical Paper
Technical Paper

The Devil is in the Data: How Data Can Save The Oil and Gas Industry

November 11, 2020

Written by: Christopher Hanton, Ikon Science

 

The total volume of data created, captured, copied, and consumed in the world is staggering, and grows exponentially each year. Each day across the globe we generate 2.5 quintillion bytes of data, a number so unfathomably large it quickly loses all meaning. In our own industry, at the height of activity in 2018, the US onshore drilling industry alone was responsible for over a petabyte of data creation daily.

 

In order to maintain growth in future years, the oil and gas industry faces a sizeable challenge to find innovative solutions that maximize productivity while battling rising costs and promoting long term business sustainability. Although inherently complex the keys to success for an operator could broadly be grouped as Managing Costs, Maintaining and Growing Production and Providing Sustainability. All three of these key points require planning and alignment across the entire organization to be successful. But, how best to balance the requirements of conducting business today with a need to plan for the future?

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