Prescriptive analytics

Applications in oil and gas

Important questions prescriptive analytics software answer for oil and gas producers
Energy is the largest industry in the world ($ 6000 billion in size). The processes and decisions related to oil and gas exploration, development and production generates a large amount of data. Many types of captured data is used to create models and images of the Earth’s structure and layer 5000-35 thousand feet below the surface, and to describe the operations of the wells themselves, eg deposition properties, mechanical performance, oil flow rates, reservoir temperature and pressure. [11] Prescribing analysis software can help with both locate and produce hydrocarbons [12]

by seismic data, well data production data and other related data to provide specific prescription for how and where to drill, complete and produce the well to optimize production, reduce costs and reduce environmental impact. [13]

Unconventional Resource Development

Examples of structured and unstructured data sets generated and the oil and gas companies and their ecosystem of services that can be analyzed with the help of prescribed analysis
With the value of the final product is determined by the global commodity economy, the ability to effectively deploy capital to find and use resources more efficiently, effectively predictable and secure than their peers because of competition for operators in the upstream. In unconventional resource areas, less efficient operation and effectiveness of the fountain votes, and decision is weakened by the high degree of uncertainty. These challenges shows in the form of low recovery rates and wide performance variations.

Prescribing analysis can accurately predict production and prescribe the optimum configurations of steerable drilling, completion and production variables by modeling a variety of internal and external variables simultaneously, regardless of source, structure, size or format. [14] Prescriptive Analytics software can also provide policy options and shows the impact of each decision option so that business managers can proactively take the necessary measures, at the right time, to ensure the future exploration and production performance and maximize the economic value of the assets at any point during the its life. [15]

Oilfield Equipment Maintenance
In the sphere of oil field equipment, maintenance tighten regulatory Analytics optimize the configuration, predict and prevent unplanned downtime, optimizing route distribution, and better maintenance planning. [16] According to General Electric, it is more than 130,000 electric submersible pump (ESP) installed worldwide, accounting for 60% of global production of oil. [17] Prescriptive Analytics has been used to predict when and why the ESP will fail, and recommend the necessary measures to prevent crime. [18]

In the area of ​​health, safety and environment, normative analyzes predict and prevent events that could lead to the reputation and financial losses for the oil and gas companies.

Pricing
Pricing is another area of ​​focus. Natural gas prices fluctuate greatly depending on supply, demand, econometrics, geopolitics and weather conditions. Gas producers, pipeline transmission companies and utility companies have a keen interest to more accurately predict gas prices, so that they can lock favorable terms, while hedge downside risk. Normative analytics software can accurately predict prices by modeling the internal and external variables at the same time and also provide policy options and shows the impact of each decision option. [19]

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