The energy sector is flush with a large amount of data which is derived from a large number of sources ranging from a wide variety of processes such as exploration, distribution, production, and transportation. It is in this context that the management of data arising out of these sources and putting it to efficient use is of paramount importance. However, if the data is analyzed in an efficient manner it could vastly benefit the energy sector as this data can be used for myriad purposes such as discovering new sources of energy, cutting costs in exploration, increasing efficiency in production and transportation and better supply-demand management among various other benefits. Below are some of the uses of data science in energy.
Various seismic monitoring points are used in the field of exploration. Energy companies are always on the lookout for new oil fields and high technology equipment is employed in these tasks. However, even on locating an oil or a gas field, data will have to be employed in order to make an accurate prediction of whether the returns will be worth the cost involved in exploring that particular field. Data Science is used in this regard.
Prevention of Accidents
Accidents in the energy sector could have a humongous impact not only on human lives but also on the surrounding environment for an extended period of time. There are various sensors in place which are attached to equipment which are constantly relaying data and this data is then evaluated and can be used to prevent accidents. In addition to this, a large amount of data can be collected from various sources such as geological surveys, weather forecasts etc. and all of it can be combined in order to arrive at an accurate prediction.
Uses in Renewable Energy
Data Science has multiple uses in clean energy too in the form of sensors attached to the equipment. For example, sensors attached to a windmill could give live data on various aspects such as the wind speed and pitch, as well as whether the turbine is working in an efficient manner. All of this data can be collated and analyzed in order to make the process more efficient and to cut costs.
Data Science in energy has a plethora of uses- right from the energy derived from renewable sources of energy to non-renewable sources of energy. The assistance provided by advanced technology in the form of sensors attached to the equipment used in the production of energy has given a huge impetus to the usage of data science in the energy sector. With the benefits that data science is providing to this sector, nearly all of the major energy producers are using data science in energy production.