Mark: Hey, folks let’s learn something new about the oil and gas industry.
All right. Today, I am very, very lucky to have Michael O’Connell here who is a chief analytics officer for TIBCO.
How are you doing today, Michael?
Michael: Great. How are you doing?
Mark: Good. A little wet here in Houston, but everything is going well.
Now, TIBCO, I know your company very well. TIBCO has really kind of captured the lion’s share in big data analytics in the oil and gas vertical. And, you have an upcoming event called the Energy Forum on September 7th and 8th.
Let’s talk a little bit about if you’re an oil and gas or an energy company and we’re in this low crude price market, let’s talk about the benefits of what big data analytics and the energy forum can actually bring to the table.
Michael: Yeah, absolutely. So, you know, analytics play across all the upstream, midstream, downstream areas. And, you know, when – when the margins get small, then analytics and business optimization, you know, is a great thing to do.
So, you know where to drill, what rigs to operate, what assets to acquire, how to run the business to optimize production, sales, marketing, profit. You know analytics is kind of fundamental in driving efficiencies and optimization through all those functional areas.
Drive costs down AND Increase Production
Mark: Yeah. So the cool thing is and I know this for a fact, not only can you drive cost down but you can actually increase production at the same time?
Michael: Yeah, absolutely. So if you’re talking about exploration and production, well engineering, production forecasting, that sort of thing can be done on – on static data. But then as you start to monitor the data coming in in real time off the sensors, on the equipment, do production surveillance, then you can really start to optimize and keep the wells running.
And that’s the goal, right? Avoid non-productive time. While the oil is flying everybody is happy and so if you can keep that going, then you’re in good shape.
Mark: And so, it also applies to other parts of the industry that I would have not thought of, things like safety?
Michael: Yeah, absolutely. You know health, safety, and environment is a big thing for all of our customers as you know. In fact, some of our customers actual bonus checks are dependent on safety incidents, right?
So keeping a handle on that, understanding root cause and predictors of safety through analytics and just monitoring all of that is another great application.
Mark: Yeah. And, it’s really cool here we are in 2016 and we’re starting to see the oil and gas industry which is inherently a bit old fashioned, realized that technology can actually make a huge impact to their business. And you’re one of the companies that are actually making that impact, which I think is really cool.
So, you’re actually going to be here in Houston for the TIBCO Energy Forum on the 7th and 8th. Can we talk a little bit about the benefits of actually going to the energy forum?
Michael: You know there’s some really great themes at the energy forum. We’ve got keynote addresses for optimizing the business across the business. We’ve got a company, Vestas, a wind turbine company coming in from Denmark who’s going to do one of the keynotes.
Learn from Hess’s and Halliburton Keynote’s at the Energy Forum
We’ve got Hess who’s using Spotfire analytics across all aspects of their business including some of those cases you just mentioned, safety as well as real time monitoring, well production, dashboards for management. They are doing a keynote.
Halliburton is doing a keynote along with Hortonworks on big data and advanced analytics. Then, we’ve got two great breakouts, you know, business track with companies like Chevron, Nexen, Waste Management and tracks by XTO, Exxon, Shell, and so on.
We’ve got OpenSpirit is our companion product to Spotfire for doing the data integration. We’ve got a whole track on that. And then, we’ve got to wrap up the proceedings with a couple of really great sessions. I’m excited about, a session called Data on Fire where we bring data into Spotfire and just show you all the latest and greatest and then, dated action using the TIBCO Insight platform that combines Spotfire with StreamBase and other TIBCO products to make this end to end close loop insight to action become a reality.
We’ve got a couple of cameos that I can’t announce there and some customers who are using that full TIBCO Insight platform are going to speak at the end of the day of the energy forum with me on those product updates.
Mark: Yeah. So, that’s all great stuff. Awesome. I was at the energy forum last year, I will be there again this year. You’ll be there.
You Need to Go to This
If you’re in the oil and gas business and I mean in the business, just because this is technology, this is actually a business driver. We’ll put a link in the show notes so you can check out their energy forum. You need to go to this. Click here to learn more.
So, Michael, I want to thank you so much for your time today.
Michael: Yeah. It’s great. I hope to see you there at the energy forum.
Mark: Yeah. I’ll be there. Yeah, absolutely. We’re actually doing a podcast live from the event.
Michael: Oh, great. Well, I look forward to catching up with you there and we’ll chat some more. Thanks for the chat today.
Mark: You’re very welcome.
So, folks I hope this helped. We will see you next time.