Despite low oil prices and corresponding lower rig counts, total production has held steady or even continued to rise – why is this? Shouldn’t production be slowing down? Well, it’s not. It’s the result of innovation in the oil fields, which is increasing production at the same time as slashing costs. The first wave of innovation was based on horizontal drilling and hydraulic fracturing. This second wave is fueled by advances in Big Data, specifically, data analytics.
The experts say that Big Data will keep the shale boom rolling. Read more in this great article from MIT Technology Review. Using analytic tools to make sense of the immense amount of data coming in every day can help companies make predictive decisions more accurately than ever before. Big Data – as well as other technological innovations to a lesser degree – is helping keep oil production up even as low prices pushed companies to shut down some of their production facilities.
VistaVu Solutions is proud to play a role in Shale 2.0. We recently announced our new data analytics solution, FieldVu Analytics, which allows energy services companies to take command of complex data instantly, access it anywhere and use it to make better decisions. With FieldVu Analytics, you can overlay your existing systems (no need to change what you already have!) and take advantage of all that data you already have, to get consolidated reporting and analytics in order to improve efficiencies, control costs and identify future revenue opportunities.
Contact us now to find out more.
Welcome shale 2.0. Have a great weekend, everyone!
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June 5, 2015
