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Big Data in the Oil and Gas Industry: A Promising Courtship
The energy industry remains one of the highest money-producing and investment industries in the world. The United States’ own economic stability depends greatly on the stability of oil and gas prices. Various factors affect the amount of money that will continue to be invested in producing oil. A main disadvantage to the oil and gas industry is its lack of technological adaptation. This weakens the industry because the surest measures are not currently being taken to produce oil in optimally efficient, safe, and cost-effective ways. Big data has gained global recognition as an opportunity to gather large volumes of information in real-time and translate data sets into actionable insights. In a low commodity price environment, saving time, reducing costs, and improving safety are crucial outcomes that can be realized using machine learning in oil and gas operations. Big data provides the opportunity to use unsupervised learning. For example, with this approach, engineers can predict oil wells’ optimal barrels of production given the completion data in a specific area. However, a caveat to utilizing big data in the oil and gas industry is that there simply is neither enough physical data nor data velocity in the industry to be properly referred to as “big data.” Big data, as it develops, will nonetheless significantly change the energy business in the future, as it already has in various other industries.Petroleum and Geosystems Engineerin
Research and Education in Computational Science and Engineering
Over the past two decades the field of computational science and engineering
(CSE) has penetrated both basic and applied research in academia, industry, and
laboratories to advance discovery, optimize systems, support decision-makers,
and educate the scientific and engineering workforce. Informed by centuries of
theory and experiment, CSE performs computational experiments to answer
questions that neither theory nor experiment alone is equipped to answer. CSE
provides scientists and engineers of all persuasions with algorithmic
inventions and software systems that transcend disciplines and scales. Carried
on a wave of digital technology, CSE brings the power of parallelism to bear on
troves of data. Mathematics-based advanced computing has become a prevalent
means of discovery and innovation in essentially all areas of science,
engineering, technology, and society; and the CSE community is at the core of
this transformation. However, a combination of disruptive
developments---including the architectural complexity of extreme-scale
computing, the data revolution that engulfs the planet, and the specialization
required to follow the applications to new frontiers---is redefining the scope
and reach of the CSE endeavor. This report describes the rapid expansion of CSE
and the challenges to sustaining its bold advances. The report also presents
strategies and directions for CSE research and education for the next decade.Comment: Major revision, to appear in SIAM Revie
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