Big Data for dying industries- an interesting proposition !

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Recently Saudi Aramco launched its first IPO, the largest in the world with a 1.7 trillion-dollar valuation. However, this figure, though accurate right now is actually severely bloated, the Oil and Gas industry is on its last legs. Let us look at this dying industry and how big data can help it.

All the major countries in the world have realized the advantage of appearing environmentally-friendly, they have all launched campaigns to end or reduce the use of fossil fuels in a relatively short period of time. Even India recently exceeded and extended its target for 2025 as it had already been achieved in 2018 namely 225 Gigawatt/hour. Several European countries have completely stopped the use of fossil fuels and this trend only continues to grow. The growing popularity of electric cars has also dried up the growth in that sector considerably.

Fuel Prices in the wake of Covid-19 dropped drastically in almost every country with few exceptions like India. The overall consumption of oil and gas has decreased all over the world. Supply chain disruptions have not helped the industry at all, but the lack of demand is the real noose. The supply and distribution of oil being as profitable as it has been had not innovated at all even with the digital revolution and that has been a major hurdle with COVID-19

Big Data analytics can prolong the life of this wounded animal considerably, problems such as lack of visibility into complex operational and supply chain processes, equipment life cycle management, etc can all be optimized by successfully processing the vast amount of available data and driving innovation through proper insights. Analytics can also help oil companies streamline major expensive operations such as;

1) Exploration, by finding probable oil deposits via publicly available data

2) Drilling by automating the process the optimal way of reaching the deposits becomes apparent.

3) Filtration, an automated system powered by machine learning can optimize this process

4) Delivery being a serious concern can become more convenient by applying data science

The most successful industries in the world today all got there by focusing on business intelligence and data science. Companies that grow rapidly also employ these systems. Oil and Gas industry can definitely learn from them and even to the extent of minimizing environmental problems by being extremely efficient.

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