Learn About the Extensive Use of Data Science in the Energy, Oil, and Gas Domain
The oil and gas sectors have been the most lucrative arena for most chemical engineers, petroleum engineers, mechanical engineers, and even geologists (petroleum). Not only the private occupations but also the government job scopes are high in this subject.
But beyond all expectations, people in these industries are at significant risk of losing their employment. So what occurred all of a sudden?
Before we get into that, there is no need to panic. There's always a way out, even if one road gets blocked. In this case, Data Science in the oil and gas industry is the ultimate escape from this roadblock.
This blog will discuss the use of data science in the energy, oil, and gas industries in detail. How it works, how will it help, and what are its advantages? We'll talk about each topic.
Key to a Rewarding Career with Data Science in the Oil and Gas Industry?
The oil and gas industry lives and breathes on operational data. As the industry has also been going digital recently, data science will play a massive part in the growth of many businesses in these sectors. And with data science in the oil and gas industry, you will not only retain your position in the industry but also have a chance at good pay as a Data science specialist.
According to PetroLMI, which provides industry labor market information, the unemployment rate peaked at 16.1% in 2020, 26% below 2014 levels, especially for oil and gas workers. People working in this industry quit alone due to the lack of growth. Even those with more experience are outside the green zone.
What is essential to keep your ground in this domain is your skills. So it would be best if you kept upskilling yourself. These sectors have become prevalent through data science oil, and gas knowledge.
How can data science help you upskill yourself?
1. Domain Knowledge
Data science is a precise subject where your specific area of expertise matters. You can work in a sector where you can show the skills you acquired. Domain knowledge is a valuable asset.
These are the areas where your expertise in data science in oil and gas industry can blossom:
Fundamental industry process and operations knowledge.
The energy, gas, and oil market.
Oil and energy terminology.
The mechanics of gas and oil products.
The procedure for drilling, site preparation, and workings.
2. Programming Language
You may upskill yourself in one primary programming language used in the industry. In the oil and gas industry, the main programming language is SQL since you will be working with storing, managing, and processing data. Python is another language being used primarily in many industries. Python can help you gain added knowledge of the field, taking your programming skills to the next level.
3. Statistics
Statistics is another essential skill for data scientists used in almost every sector. Data science is based on statistical knowledge. You just need to gain knowledge of the key concepts in data science in the oil and gas industry. How to evolve, analyze, and control data to use for your benefit.
You need to be familiar with:
Descriptive Statistics: Mean, Median, Mode.
Inferential Statistics: Hypothesis Testing, Regression Analysis.
Variability: Variance, Range, Standard Deviation.
Correlation: Positive and Negative Correlation.
4. Machine Learning and Deep Learning
Machine learning processes have changed the way every industry operates. It has also modified the methods employed in the oil and gas industry. Machine learning and deep learning prove to be essential parts of everyday tasks in the petroleum sector. Reducing costs, improving site detection, and avoiding risks and failures are just some of the uses of machine learning in the oil and gas industry.
Now that we have established the profitability factor of Data Science in the oil and gas industry, let's shift your attention to the next topic- The importance of data science in these sectors.
Advantages of Data Science in the Energy Oil and Gas Industry
Data Science has multiple advantages no matter where you want to use it. Such is the malleability of this field. It offers numerous advantages in any field where it is applied.
Here are some high-level examples of how data science can help the oil and gas industry.
1. Cost-effective:-
In the oil industry, data analytics can handle large sets of data with accurate efficiency. Generally, oil companies daily deal with extremely large data sets generated at a high rate. This can become quite an expensive process for these companies as dealing with a large amount of data volume can incur high costs. Using big data, companies can not only cut costs but also deal with data in real-time.
2. Decision-making:-
The rocks across different locations are structurally not identical. Therefore, the data stored for these geographical structures differs and is unstructured. Time and effort are spent storing unstructured data across any database system.
Using data science in the oil and gas industry, scientists can easily store and retrieve different types of multi-face data. This helps in lowering risk and making accurate decisions based on structured data.
3. Accurate drilling:-
Data visualization, seismic analysis, and modern software devices are being used by oil and gas data analytics to manage seismic data. These advanced analytical tools optimize drilling sites, calculate when and how to drill strategically, and handle truck and rail operations. This also helps them in saving millions in the whole operation.
4. Performance analysis:-
Big data helps measure the performance of the machines. For example, we can collect information about the parts, wear and tear, and damage by fitting the machines with sensors for an early warning sign.
Collecting the data can quickly and efficiently minimize costs and downtime, providing better equipment maintenance. In addition, machines work many hours under severe conditions so that predictive maintenance can reduce failures and breakdowns.
What companies are hiring Energy oil and gas data scientists?
Data science is also very lucrative in terms of different job opportunities.
Some oil and gas companies looking for data scientists are:
Saudi Aramco
National Iranian Oil Co
Schlumberger, Cambridge
BP
Total
Praxair
Image by Author
Source: Linkedin
How much do data scientists earn?
Let's see how much Data Science in the oil and gas industry can offer you based on different factors.
• Based on Experience
The average income of entry-level data scientists is Rs 5,11,468 per year, while professionals with 5 to 9 years of experience earn an annual income of 12 to 14 lakhs INR. This number can reach a healthy crore for people with more than ten years of experience.
• Based on Location (India)
The essential factor affecting your salary as a scientist can vary from place to place based on the demand in the region. So let's see how much you'll get paid in a particular place.
Image by Author
Source- Glassdoor
• Based on Skills
The salary you get depends heavily on the skills you have earned in a field. Let's look at how much you can make.
Data scientists with Python knowledge can expect around 10.2 Lakh rupees yearly.
Knowledge of data science and big data in the oil and gas industry can increase their income by 26%.
SAS users are paid 9.1 to 10.8 Lakhs per year, while SPSS Professionals are paid 7.3 Lakhs per year.
Machine Learning engineers' salaries in India start at around Rs 3 to 5 Lakhs and can rise to Rs 16 Lakhs as the industry progresses.
Professionals with artificial intelligence knowledge can expect Rs 5 to 6 lakhs.
The future of data science in the energy oil and gas industry
Most companies consider the use of big data analytics and data science to be a benefit in their oil and gas predictive analytics. Using data science helps them locate more sites, become economically sound and environmentally friendly, and also make better use of decision-making practices.
Data science applications in the energy, oil, and gas industries have been booming. You can make a promising career in these domains with just a little effort.
If you have stuck with this blog till now, you are either a budding data Science aspirant or someone interested in the field or making a career switch. You might be thinking about how you can develop your skills. Online resources can help you get those skills and continue learning and growing in the data science field.
The domain-specific study for data science in the oil and gas industry provided at Learnbay can help you become a specialist in the energy, oil, or gas industry. In addition, you may join the Data Science and AI Program and immediately take advantage of the expert teaching.
