Friday, July 8, 2016

Big Data Algorithms Optimize Oil Wells | Automation World

Big Data Algorithms Optimize Oil Wells | Automation World: "The global oil producing industry spends millions of dollars every week on preemptive well monitoring—sending technicians to remote sites to check wells for operational faults. Though the idea of operating oil wells with the help of the Industrial Internet of Things (IIoT) is catching on, labor costs still dominate operating expenses. Not only does the typical oil company still send field technicians out driving from well to well to regularly inspect the equipment and report back on findings, even using IIoT technologies in many cases does not resolve issues with labor costs, argues Nav Dhunay, president and CEO of Ambyint. “If you just analyze the data, all you’ve done is push the problem around,” Dhunay says, arguing that the main expense is still labor, albeit a different kind. “Now you have people staring at screens, looking at graphs, trying to understand the data. It just pushes up the labor cost.”"

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