This IDC Perspective examines what oil and gas companies are actually doing with regard to analytics. The big play for analytics in upstream oil and gas is to optimize efficiencies and productivity while reducing costs and limiting risk. There are analytics opportunities across all functional activities and areas, and this document lists many of the various initiatives that are already under way. One of the largest such initiatives is APM and the use of AI/machine learning in conjunction with analytics and problem solving.
According to Chris Niven, research director, IDC Energy Insights, "Most oil and gas companies are integrating their hydrocarbon accounting systems with allocations, land, and financials or purchasing a pre-integrated solution composed of these requisite applications. The purpose of this document is to discuss the upstream analytics solutions (outside of the precision systems realm) that are being developed, mostly for engineers to solve complex field problems and also how to prepare to ingest IoT data as new sensors, equipment, and other instruments enter the field."