Data analytics are becoming increasingly important to enhance efficiency and cut costs as oil prices tanks.
TORONTO — Energy services companies are focusing their efforts towards technology to remain competitive and improve return on investment, according to PwC’s Energy Services Innovation report.
The report highlights the role that recent technology innovations have had in raising US oil production more than 50% since 2008.
The report notes that in periods of lower oil and gas prices, service companies turn to technology to help producing companies operate more efficiently and contain operating costs.
Data analytics are becoming increasingly important in many industries, including energy, where knowing where to drill and how deep is crucial. Spurred by the challenges of unconventional oil and gas, companies are using big data analytics for all facets of operations, including monitoring equipment, identifying performance and operational issues and optimizing production.
Emerging trends in energy technology include:
“The energy industry has seen great technological improvements over the years. However, the demand for continued innovation and development has never been greater. Companies need to adapt to the current low-cost cycle by looking for ways to maximize production and keep costs low,” said Reynold Tetzlaff, national energy leader at PwC Canada.