ONGC Bets Big On Big Data For Cost Reduction
Oil and Natural Gas Corp (ONGC) will now bank upon Big Data to raise productivity and output and reduce oil and natural gas prices. This is in tune with global oil biggies which have deployed smart data analyses over the years. Companies of the likes deal with enormous data and a fast analysis mechanism helps them smoothen things, reports ET.
“Exploration and production is now moving into challenging areas. You can’t lose time in decision making. Having all data and information available at the click of a button would help make quick and optimal decisions,” ONGC Director (Exploration) Ajay Kumar Dwivedi told ET.
Oil Majors like Shell as well smaller oil companies are betting on Big Data analytics for more efficiency. Analytics providers gather huge data from these companies and present them the information, build predictive models and carve out plans as per the client’s requirements.
“This is not just about cost optimization, which many people have been talking about. This is also about creating new knowledge using the in-house domain expertise,” said Dwivedi.
ONGC’s bet to inculcate Big Data into its operations will help them make advanced strategies, reduce cost and optimize operations.
“This is not just about cost optimization, which many people have been talking about. This is also about creating new knowledge using the in-house domain expertise,” Dwivedi said.
The company will involve data scientist from Indian Institute of Technology and IT firms over the next few months in the data exploration platform that would consist of information regarding exploration and production including geological, seismic, well log drilling and output figures.
“The problem in drilling or production we face today is not always new. There are chances of us having encountered a similar problem in a different field or a basin in the past. So if we have a ready reference to how we solved the problem then can help us move quickly now,” informed Dwivedi.
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