Published Date : Apr 25, 2016
As the global oil and gas industry emphasizes on the exploration of offshore reserves, various regulations have compelled oil and gas companies to take help of data management solutions to optimize business performance and improve safety standards. A vast amount of data is churned through various stages of oil and gas exploration, production, trading, and retail. The emergence of a number of leading IT firms to cater to the data management requirements of oil and gas companies have revolutionized the competitive landscape of the global oil and gas data management market.
The growing focus on the implementation of information technology to maximize recovery from oilfields and minimize non-productive activities will fuel the growth of the global oil and gas data management market. Implementation of oil and gas data management software has helped in increasing efficiency across oilfields, thereby leading to huge profits. However, high initial investments and the lack of awareness about the benefits of oil and gas data management will hinder the growth of the market in the coming years.
GE to Help Iraqi Oil Ministry with Data Management
In a first-of-its-kind partnership, GE Oil and Gas will work with the Iraqi Ministry of Oil to boost the performance of the nation’s energy sector by providing technology upgrades, and advanced equipment. Under the partnership, GE will help the ministry with its digital solutions to set up the first Monitoring and Diagnostics Center in Iraq. The center will receive Big Data from sensors installed in the Ministry’s equipment and with the help of advanced software analytics, overall operational efficiency can be improved. The end-to-end solution would reduce gas flaring across oil fields in Iraq and use it for generation of power. This solution is expected to generate over 200 megawatts of power across each site and recover several thousand barrels of liquefied petroleum gas per day.