As the average American I hear gas and oil and automatically picture money flying out of my wallet. Assuming that this is the mindset of most of our population, it is hard to feel bad for the oil and gas companies when we hear they are losing money. The problem is that most people don’t look at both sides of the situation- the lower our gas prices become, the more employees that being laid off in the oil and gas industry.
The oil and gas companies have been living in luxury for a number of years, but now that the price of gas per barrel is dropping the industry must be more cautious in the way they operate. The big oil and gas companies are now turning to Big Data to make their operations more efficient.
Startups such as Tachyus are jumping at the opportunity to develop models that will aid in the oil and gas industry. Tachyus has a data model that is helping oil production increase by 20%-30%. These data models can predict mechanical failures and stimulate specific wells by calculation optimal settings such as water injection rates. As oil and gas companies acquire more information about each unique well, they will be able to specialize maintenance, allowing each well to produce at its full potential, while also preventing spills.
As the oil and gas companies learn to operate more efficiently they will hopefully be able to create more jobs again and no longer have to make any more cuts.
Let us know what you think, this is an oil and gas conversation… I know you have an opinion!
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