Data Mining and the Future of Oil Extraction

By Michael Benedict on December 17, 2015
Tags: Data Collection, Productivity

Data Mining and the Future of Oil ExtractionMany analysts and economists share the same prediction: that the price of oil will stay under $60 per barrel through next year. That kind of slump requires those in the gas industry to aim for better oil and gas extraction efficiency and productivity in drilling rig operations in order to protect profitability. But keeping a rig efficient and compliant with worker and environmental safety regulations has in the past been difficult to monitor due to complex equipment setups, remote extraction locations, and more.

Until now. Today, large oil and gas companies like Shell, BP, and Chevron are all “tapping” into data using sensors installed in key locations to improve the extraction process. As the cost of sensors continues to go down, capturing and analyzing this data is becoming more accessible for smaller rig operators. What does all this data this mean for the future of extraction?  Check out the GoCanvas Application Store to find apps related to the Oil industry. 

Data Mining and the Future of Oil Extraction

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