The Role of Accurate Drilling Data in Reducing Costs
It’s no surprise in the oil industry that inaccurate date is the source of all poor decisions and will always reflect badly on the ROIs of drilling activities. In the worst possible cases, these data problems might lead to full-blown catastrophes like the Deepwater Horizon explosion and at the very least it can impact efficiency to generate huge deadweight losses for the operation. For these reasons, it becomes imperative that all oil excavation projects employ proper process instrumentation to keep their operation sustainable and safe. The Relationship Between Data and Decision-making There is an increasing degree of awareness throughout the oil and gas industry about the role of big data in helping making better production decisions. It is observed that the use of data analytics to collect, aggregate and analyze information from process instrumentation can help increase production by as much as 6–8% . Additionally, it is well known that investments in data analytics can hel