Big oil drills into big data to save costs

Pacific Drilling (PACD), which operates offshore oil rigs in far-flung places such as Nigeria, is turning to big data to save costs.

PACD recently began monitoring thousands of pieces of equipment on rigs in real time; for example, from the generator that helps power the ship, PACD tracks data points such as the vibrations coming out of the engine, the amount of heat it produces, how fast it’s running and its oil pressure.

Prior to getting the software, PACD's individual engineers performed necessary equipment checks one by one but couldn’t monitor the performance of the fleet over time; now the company says it has cut the time for ordering parts in half.

“Every hour counts,” says the VP for IT; “if we’re down for two days, that’s $1M."

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs