The Oil and Natural Gas Corporation (ONGC) will now tap into big data analysis to raise output, increase productivity and reduce oil and natural gas prices.
Oil companies such as ONGC deal with tonnes of data, and a quick analysis helps these firms take decisions in a faster and smarter manner.
Thus, big oil companies are always on the lookout for advanced computer analysis that will bring all the internal data on one platform to help the operations become smoother, reported Economic Times.
"Exploration and production is now moving into challenging areas. You can't lose time in decision making. Having all data and information available at the click of a button would help make quick and optimal decisions," ONGC Director (Exploration) Ajay Kumar Dwivedi told the daily.
Big data analytics is helping both majors like Shell and small oil producers strive for more efficiency. Analytics companies take in a large amount of data from these firms and look for interconnection, build predictive models and then design plans for their clients.
"This is not just about cost optimisation, which many people have been talking about. This is also about creating new knowledge using the in-house domain expertise," added Dwivedi.
ONGC's decision to take a leap on the big data analysis should not only help them make smarter strategies to reduce cost but also have a greater impact on how the company currently operates.
The oil company will engage data scientists from the Indian Institute of Technology and IT firms over the next few months in the data exploration platform. The platform will contain all the sensitive information about exploration and production including geological, seismic drilling and output figures.
"The problem in drilling or production we face today is not always new. There are chances of us having encountered a similar problem in a different field or a basin in the past. So if we have a ready reference to how we solved the problem then can help us move quickly now," said Dwivedi.