Data key to exploring business insights in petroleum sector- Fagbami

The Society of Petroleum Engineers (SPE) Nigeria Council says big data remains a key enabler of exploring business insights and economics of services in the petroleum sector.

Its Chairman, Mr. Debo Fagbami, made the assertion on Thursday while addressing newsmen in Lagos, preparatory to the association’s 2019 edition of the Nigeria Annual International Conference and Exhibition (NAICE).

According to Wikipaedia, Big data is a field that treats ways to analyze, systematically extract information from, or otherwise, deal with data sets that are too large or complex to be dealt with by traditional data-processing application software.

Fagbami said that the forum seeks to explore available data to proactively address technical issues affecting the oil and gas sector.

The News Agency of Nigeria (NAN) reports that the theme of the conference is: “Artificial Intelligence, Big Data, and Mobile Technology: Changing the Future of Energy Industry”.

The conference is scheduled to hold in Lagos from Aug. 5 to Aug. 7.

Fagbami explained that stakeholders would address issues bordering on digital transformation and emerging trends in artificial intelligence; the intersection of information and energy technologies, with a focus on empowering women for the digital age.

He said that it would unveil solutions to recurring issues of oil pipelines vandalism and technical challenges in the oil exploration and production sector.

According to him, leveraging insights from artificial intelligence, big data, and mobile technology remains a key enabler of exploring business insights in the oil and gas industry.

He said that the forum would also focus on collecting and encouraging the dissemination of technical knowledge and technologies related to the oil and gas industry.

Fagbami explained that while vandalism challenge in the exploration and production industry was not about where it happened, addressing the issue with analytical data remains key.

“With the recent vandalism of oil assets in Ijegun area of Lagos State, operators have called on oil firms and the NNPC to review the strategies deployed in protecting oil assets.

“The industry has been generating data in the last seven years. Big data will help us to scrutinize the available information as well as offers opportunities to address challenges in the industry.

“This and other issues are what the conference seeks to address,” he said.

According to him, the challenges associated with the wave created by big data in our industry will stem from the fact that big data in itself is complex terrain.

“Obvious challenges would come during its integration with existing business processes and methodologies as well as the uncertainties created by the management of large and complex data by an industry only beginning to adopt it.

“Added to this would be the in-house talent gap as well as the complexities associated with migrating existing data into a big data structure suitable for use in the terrain.

“Synchronising data across multiple data sources and user groups or function also create a challenge and added to this would be costs associated with migration and providing solutions for specific scenarios and end-user applications.

“Having said this, big data in our industry would open doors for new talent as well as cross-training and skills conversion which is not unfamiliar territory for petroleum engineers to explore and exploit.

“As more organisations recognised the importance of big data as a means of realising and entrenching competitive advantage, it would be used as an in-road to gain insight and make more informed decisions,’’ Fagbami said.(NAN)

By Yunus Yusuf

Leave a Reply

Your email address will not be published.