Analytics Powers the Internet of Things (IoT) for Oil & Gas Industries



KEITH HOLDAWAY: So
how do analytics fit into the Internet of Things? With so much data
being generated by sensors and devices, the
only way to make sense of it is through analytics. Hi, I'm Keith Holdaway with the
Global Energy Practice at SAS. In the oil and gas
industry, IoT data is analyzed to improve
production at lower costs and to optimize
downstream supply chains. Significant investments
have been made in sensors to continuously monitor
wells, reservoirs, and surface facilities. All the data collected feeds
a robust analytic lifecycle, allowing us to build predictive
models to foretell equipment failure, pinpoint process
inefficiencies, and more. One way that's done
is by using analytics to determine artificial
lift solutions that are most appropriate for each asset. Doing so allows us to
increase recovery factors. We also improve maintenance
schedule efficiencies to optimize overall production. At the refinery,
we use analytics to monitor complex
operational process variations in real time. Doing so, we identify
the conditions leading to adverse events,
and can mitigate them before they become a problem. That delivers real savings
considering on any given day, there will be one
or two incidents that may cause a
refinery to shut down. Ineffective
maintenance practices alone have been estimated
to cost $60 billion a year across the industry. Analytics in oil and
gas are not just focused on historical events. The IoT is enabling informed
decisions in real time to mitigate risks. And the key to
enabling IoT innovation is using analytics to
manage and scale solutions throughout the value chain,
from the enterprise to the edge. In short, IoT data,
coupled with analytics, fuel the decisions that keep
all the assets and processes running at optimal capacity. From exploration, to production,
to distribution and beyond. By combining the
power of analytics with data from
equipment and devices, you now have an
innovation-ready platform for better, faster decisions. That's how it creates value. With SAS analytics for IoT, you
can prime the pumps with data and really get down to business.

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