Why Do You Need GIS Mapping?
The oil and gas industry is constantly investing in ways to increase efficiency while minimizing risk, cost and maximizing ROI. To achieve these goals, oil and gas companies, banks and landowners need advanced GIS mapping and spatial analytics to reveal deeper insight into relationships and patterns, answer complex questions and help users make informed decisions.
Understanding locational information of assets ensures decisions are data-driven and can be viewed or shared digitally to reflect real-world perspectives. A critical component for the oil and gas industry is the acquisition, interpretation, and management of geospatial data. GIS mapping provides a platform that can create, track, and manage features of the energy value chain through the beginning (exploration), middle (production) and end (abandonment). GIS is key to integrating data and building a foundation to discover untapped reservoirs and/or maximize the value of current assets.
Who Needs GIS Mapping?
It's estimated 80% of oil and gas-related data contains a spatial component, making GIS an ideal solution for operators, investors, investment banks and private equity firms across the upstream, midstream, and downstream energy sectors. Access to up to date, on-demand spatial data is becoming more vital to decision-making, which can often determine the success or failure of a company. Given the volatility in commodity pricing and the need to cut costs in today’s energy market, the cost of software, data, and employment needed to bring in GIS capabilities may not be attainable for all companies.
Benefits Of GIS Mapping
Viewing spatial data through map visualizations provides unique insight into trends and allows for the communication of ideas that cannot easily be seen in raw data. Understanding and manipulating spatial data ties features of the energy cycle together and allows for empowered decision-making, increased efficiencies, and cost savings in all aspects of the oil and gas industry such as:
With the oil and gas industry having the highest potential of GIS mapping and geospatial analytics use through the energy life cycle, GIS mapping is an ideal solution to ensure that oil and gas companies can make informed decisions and maintain a competitive advantage.