The Oil and Natural Gas Corporation (ONGC) will get into big data analysis to raise output, increase productivity and reduce oil and natural gas prices.
Oil companies as ONGC deal with tonnes of data, and a quick analysis helps these firms take decisions in a faster and smarter manner.
Thus, big oil companies are always on the lookout for advanced computer analysis that will bring all the internal data on one platform to help the operations become smoother.
Big data analytics is helping both majors like Shell and small oil producers strive for more efficiency. Analytics companies take in a large amount of data from these firms and look for interconnection, build predictive models and then design plans for their clients.
ONGC’s decision to take a leap on the big data analysis should not only help them make smarter strategies to reduce cost but also have a greater impact on how the company currently operates.
The oil company will engage data scientists from the Indian Institute of Technology and IT firms over the next few months in the data exploration platform.
The platform will contain all the sensitive information about exploration and production including geological, seismic drilling and output figures.
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