Predictive Analytics in Oil and Gas
The Oil & Gas sector employees large number of Analysts. They are the early movers in the Analytics segment. These business work in the process of exploration, extraction, refining, transporting of oil and gas by oil tankers and pipelines, and marketing of petroleum products.
Analytics is used in predictive maintenance, forecasting, analysis, energy trading, buy/sell, trade off, risk management and optimization.
The Oil & Gas industry is divided in to divisions which are the upstream, downstream and midstream. Predictive Analytics is used in optimizations for upstream, downstream and midstream business process.
The upstream process are the exploration, development and production of crude oil or natural gas. Most upstream work in the oil field or on an oil well which is onshore or offshore, oil sands or oil shale. Some of these work in oil field are contracted out to drilling contractors and oil field service companies.
- Asset Maintenance / Availability :
- Optimization in exploration, development and drilling:
- Production optimization :
- Risk assessment and modeling:
Midstream is the pipeline, marine and service and supply portion of the oil and gas industry. The products are transported to processing facilities, and from there to end users, by pipeline, tanker, barge, truck, and or by rail. There are also storage facilities at terminals throughout the oil and gas distribution system. Petroleum products are held in storage tanks, natural gas tends to be stored in underground facilities.
- Transportation Optimization:
- Pipeline Risk assessment:
- Storage optimization:
Downstream refers to the refining of petroleum crude oil and the processing and purifying of raw natural gas. It also includes the marketing and distribution of products derived from crude oil and natural gas from refiners to oil tankers, to retailers and consumers.
- Refinery demand optimization:
- Supply/trade, buy sell, contracts optimization:
- Price optimization:
- Competitor price analysis:
Predictive Analytics Software
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More Information on Predictive Analysis Process
For more information of predictive analytics process, please review the overview of each components in the predictive analytics process: data collection (data mining), data analysis, statistical analysis, predictive modeling and predictive model deployment.
How Predictive Analytics is used in Oil & Gas?
Predictive Analytics is used in predictive maintenance, forecasting, analysis, energy trading, buy/sell, trade off, risk management and optimization.