Big Data in the Oil and Gas Industry: A Promising Courtship

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dc.contributorBommer, Paul
dc.contributorFoster, John T.
dc.creatorTankimovich, Michelle R.
dc.date.accessioned2018-06-07T14:24:42Z
dc.date.available2018-06-07T14:24:42Z
dc.date.issued2018-05
dc.description.abstractThe energy industry remains one of the highest money-producing and investment industries in the world. The United States’ own economic stability depends greatly on the stability of oil and gas prices. Various factors affect the amount of money that will continue to be invested in producing oil. A main disadvantage to the oil and gas industry is its lack of technological adaptation. This weakens the industry because the surest measures are not currently being taken to produce oil in optimally efficient, safe, and cost-effective ways. Big data has gained global recognition as an opportunity to gather large volumes of information in real-time and translate data sets into actionable insights. In a low commodity price environment, saving time, reducing costs, and improving safety are crucial outcomes that can be realized using machine learning in oil and gas operations. Big data provides the opportunity to use unsupervised learning. For example, with this approach, engineers can predict oil wells’ optimal barrels of production given the completion data in a specific area. However, a caveat to utilizing big data in the oil and gas industry is that there simply is neither enough physical data nor data velocity in the industry to be properly referred to as “big data.” Big data, as it develops, will nonetheless significantly change the energy business in the future, as it already has in various other industries.en_US
dc.description.departmentPetroleum and Geosystems Engineeringen_US
dc.identifierdoi:10.15781/T2804Z300
dc.identifier.urihttp://hdl.handle.net/2152/65295
dc.language.isoengen_US
dc.relation.ispartofPlan II Honors Theses - Openly Availableen_US
dc.rights.restrictionOpenen_US
dc.subjectPlan II Honors Thesis
dc.subjectEngineering Honors Thesisen_US
dc.subjectPlan II Honors Thesisen_US
dc.subjectBig Dataen_US
dc.subjectOil and Gas Industryen_US
dc.subjectMachine Learningen_US
dc.subjectSupervised Learningen_US
dc.subjectUnsupervised Learningen_US
dc.subjectLinear Regressionen_US
dc.subjectOilen_US
dc.subjectProductionen_US
dc.subjectCompletionen_US
dc.subjectStructured Dataen_US
dc.subjectUnstructured Dataen_US
dc.titleBig Data in the Oil and Gas Industry: A Promising Courtshipen_US
dc.typeThesisen_US

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