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bigtoolsUSA-based management consulting firm Bain and Company reported that the oil and gas producers could improve their performance by six to eight per cent using advanced big data analytic tools

According to Bain and Company, seismic software, data visualisation and a new generation of pervasive computing devices – sensors that collect and transmit data – would continue to open new possibilities in the market.

With these new tools and advanced analytic capabilities, oil and gas producers can capture more detailed data in real time at lower costs, added the company.

“Our recent survey of more than 400 executives in oil and gas sector revealed that companies with better analytics capabilities were twice as likely to be in the top quartile of financial performance in their industry, five times more likely to make decisions faster than their peers and three times more likely to execute decisions as planned,” said a company source.

The survey also found that few companies are ready to make the most from big data, but only about four per cent of companies across industries have the talent and skills they need to draw tangible business value from analytics.

“Although, few oil and gas companies have invested in building up their capabilities, many struggle to get their arms around this powerful new opportunity,” noted the source.

Advanced analytic tools could help oil and gas producers collect and analyse data on subsurface and geographic characteristics to get a better detailed view of shale basins. It could also help monitor pipelines and equipment, enabling a more predictable and precise approach to maintenance, stated the survey.

To read the latest Big Data stories in the oil and gas sector, please visit: http://www.oilreview.me/information-technology