Wipro HOLMES™ E&P Report Digitization is a cutting-edge solution that utilizes advanced cognitive capabilities such as neural network based OCR, cognitive classifiers and NLP engines, to automate the process of extracting relevant data from E&P reports. It also provides an intelligent interactive interface for analysts, engineers and geoscientists, to effectively utilize the E&P data. It offers access to chronological history of the data leading to better insights and decision-making capabilities in subsurface operations. The solution helps to create a common knowledge base that can be conveniently used to predict events in upstream operations, thereby reducing the overall unit cost of hydrocarbon extraction. Data from documents with varying formats and structures are converted into a structured XML or CSV format, which can be plugged into a corporate or project data store. This helps geoscientists, engineers, and analysts to optimize the extraction of hydrocarbons. Energy organizations facing market volatility, digital disruptions, and global economic shifts can rely on Wipro’s oil and gas business solutions to deliver innovative new ways of operating. As energy companies seek to reshape their businesses, our industry and technology experts lead the digital transformations needed to integrate previously siloed data and adopt cloud platforms and cloud-native capabilities. We help companies accelerate the delivery of business value through agile product and service models that streamline operations, improve efficiency, and lead to greater productivity and reliability. With these models in place, Wipro can enable energy enterprises to stay competitive and resilient in a dynamic industry by unifying data from disparate systems, unlocking new operational insights, and managing complex technology landscapes. Leveraging our oil and gas consultancy services, our global teams deliver oil and gas IT solutions that result in modernized industry processes and seamless user experiences while helping build a sustainable future.
According to a new market report published by Transparency Market Research, the global oil and gas data monetization market is expected to reach a value of US$ 81,600.0 Mn by 2026 on account of large volume of data generated across the oil and gas industry and the selling/trading or the software/platform usage to derive value from such large volumes of structured, unstructured, and semi-structured data.
The market is projected to expand at a CAGR of 18.5% during the forecast period from 2018 to 2026 driven by the increasing trading of data products such as seismic data, geophysical data, magnetic surveys, well data, production data, interpretive studies, etc.
and the increasing adoption of data management and data analytics solutions in the oil and gas industry.
After the fall in CAPEX during the years 2015 to 2017, spending in the oil and gas industry is anticipated to increase gradually from 2018, thus further driving the digitization across the industry using software/platforms and related services.
North America is anticipated to be the dominant region in the oil and gas data monetization market followed by Middle East & Africa during the forecast period.The exploration segment in the E lifecycle is expected to see flourishing growth to maintain the production and to meet the demand in the next decade with sufficient oil and gas discoveries now.
Further, the use of analytics solutions and data management solutions mainly for seismic data, drilling data, and production data processing drives the data monetization market in the oil and gas industry.
