This paper reviews the utilization of Big Data analytics, as an emerging trend, in the upstream and downstream oil and gas industry. Big Data or Big Data analytics refers to a new technology which can be employed to handle large datasets which include six main characteristics of volume, variety, velocity, veracity, value, and complexity. With the recent advent of data recording sensors in exploration, drilling, and production operations, oil and gas industry has become a massive data intensive industry. Analyzing seismic and micro-seismic data, improving reservoir characterization and simulation, reducing drilling time and increasing drilling safety, optimization of the performance of production pumps, improved petrochemical asset management, improved shipping and transportation, and improved occupational safety are among some of the applications of Big Data in oil and gas industry. Although the oil and gas industry has become more interested in utilizing Big Data analytics recently, but, there are still challenges mainly due to lack of business support and awareness about the Big Data within the industry. Furthermore, quality of the data and understanding the complexity of the problem are also among the challenging parameters facing the application of Big Data.
Acknowledgements
The authors gratefully appreciate the financial support from Petroleum Technology Research Centre and Mitacs.
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