The data ecosystem in the oil and gas sector is complex. It presents challenges to finding and consuming appropriate and accurate data using traditional methods. This, in turn, makes it hard to generate insights essential to transforming business and operations.
Traditional methods of using relational databases have worked well so far for Oil & Gas companies. However, they are falling short when it comes to driving critical insights given the rapid expansion of volume and variety of internal and external data. To overcome the challenges, knowledge graphs, which leverage ontology, are used to gather better insights faster and economically.
Knowledge Graphs outperform relational databases in developing previously unknown insights faster and more economically, especially as the complexity of queries increases. Also, knowledge graphs facilitate the discovery of links across various domains, functions, and regions. These links help drive insights effectively by reducing the need to reproduce or rebuild data and allowing knowledge graphs to propagate and further increase their ability to discover insights.
As opposed to relational databases, knowledge graphs can be integrated throughout the timeline of a project. This capability enables the reuse of data immediately and virtually eliminates the cost of movement, transformation, and recreation of more data to make it useful.
Knowledge graphs have many applications. For instance, knowledge graphs can help identify hidden risks coupled with insights discovery that can potentially prevent or at least mitigate these risks based on data from past incident reports, lessons learned, completed permits, after-action reviews, MOCs, and regulatory requirements. Furthermore, knowledge graphs can link the relevant data stored in a dozen different systems, thereby facilitating the ascertaining of hidden risks associated with a specific type of equipment, tool, manufacturer, location, elevation, operating condition, time, personnel, etc.
Moreover, all linked data will be available directly within the permit-to-work system itself, as the operator completes the permit form online. Consequently, all new insights can be fed during the scheduling/planning phase of the work order. The new hazard/ risk assessment augmented with fresh insights can, in turn, reduce millions of dollars in incident costs.
In the Oil and Gas sector, knowledge graphs offer the ability to gain faster insights that help improve productivity, minimize risks, and increase uptime. This, in turn, can increase Net Present Value (NPV) and reduce Operating Expenses (OPEX).
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