I started writing this blog about a year ago under the working title “Big Data is Watching You – But why isn’t it working for you?” But lots of players had similar thoughts after viewing the infomercials and exhibits by the Data Analytics Service Providers at the Petroleum Conferences in 2H 2015!
At that time, the best canned O & G Data Analytics demos were focusing on supporting Corporate Services and New Ventures with improved techniques for “Bench-making” Performance Measures and in identifying Merger and Acquisition (M & A) Targets. But clearly, these tools had much broader potential to revolutionize Technology Transfer, Innovation and Operational Processes Control.
Data mining certainly offers a much more efficient way of looking at the vast data bases that our Industry and Government Agencies have accumulated over the last 25 years: a means of converting Data into Information in order to advance our Knowledge to better direct our Actions.
It offers a new way to get ahead of the competition on that old race track, where the hurdles have recently been jacked-up, while rewards remain stubbornly modest and unpredictable.
Then, low and behold, the October JPT dedicated 14 pages to a series of articles under the banner headline: “Oilfield Data Analytics Arrive”:
- Devon Energy rise to the Top as a Data-Driven Producer.
- Four Answers to the Question: “What can I learn from Analytics?”
- Analytics Firms Explore Oil and Gas Market.
- Accelerating the Uptake Cycle through Collaboration and Outsourcing.
In the November JPT, Janeen Judah, the 2017 SPE President, has a Risk and Reward headliner article entitled: “Big Data and the Next Big Thing” ……She concludes that ”Cognification,” based on learning software, “will revolutionize upstream, mid-stream and downstream operations.” Apparently, this new word was introduced by Kevin Kelly in a 2016 book about Artificial Intelligence entitled “The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future.” (Viking/Penguin Random House, ISBN: 978-0525-4280-84). (Thank goodness that the Holiday Season is in sight and we have spare time to read, absorb and plot how to adapt and exploit other peoples’ thinking in order to add value to the assets that we manage!)
Actually, what really blows my mind, as I have ranted about in earlier blogs, is that some people and companies have reacted to the current tough business environment by reducing their involvement in and/or support of our Technical Societies and Training Organizations. They are the very entities we need to Disseminate Knowledge on how to innovate ourselves out of this tight spot!