Getting the most from your oil and gas equipment can seem like an impossible task when you lack insights into their health and performance.
Especially in recent years, with the downturn in oil and gas prices, producers have been eager to improve equipment availability and get ahead of failures. But too often, they either don’t have real-time performance data or the data they do have is trapped in silos.
This is why producers should consider shifting operations to an IoT platform, such as our ConnectedProduction™ solution that helps transform data into actionable analytics. In this environment, stakeholders are connected and can use real-time equipment and downhole insights to help minimize the unknowns that impact your oil and gas operations.
The Answers Are in Analytics
Analytics can tell you a lot about your operations and have one common purpose: to help stakeholders make better operational decisions and improve business results.
Before building a roadmap for deploying analytics, it’s important to understand the four analytics categories:
- Descriptive analytics describe what happened.
- Diagnostic analytics explain why something happened.
- Predictive analytics predict what will likely happen.
- Prescriptive analytics suggest what should be done to correct an issue or optimize performance.
Your starting point should be the use of descriptive and diagnostic analytics. They inform your team at the most basic level of how things are performing and the conditions in which they operate. This way, if a failure occurs, your technicians have the insights they need to diagnose the problem quickly.
Increasingly, many producers have their sights set on predictive analytics. This type of analytics helps you identify problems early, before they result in failures or downtime in your production. However, it is important to keep in mind that predictive analytics won’t always be absolute. Sometimes it is configured around the probability of various figures.