Data Science and Analytics for Oil & Gas

Daily Agenda

Logical and Reliable Data Analysis, Descriptive Statistics, and Pivot Tables

• Importing data into Excel
• Best practice when analyzing data
• Analyzing and representing coded data
• Descriptive statistics and their real meanings
• Performing a frequency analysis
• The use of pivot tables and pivot charts
• Noisy and incomplete data, statistical significance and dealing with outliers

Data Mode Shape Analysis

• Plotting data against time
• Generating data mode shapes
• Fitting curves to data
• Correlating mode shape to time-based events
• Interpreting time series analyses
• Moving average calculations

Scenario Analysis and Interactive Spreadsheets

• Representing analytical problems as multi-input, single-output (MISO) systems
• Deterministic systems analysis
• What if and visual scenario analysis
• Dynamic / interactive spreadsheets and the use of forms control
• Moving window, conditional and adaptive calculations
• Measuring the sensitivity of calculated variables

Regression Analysis and Correlation

• Equations of curves
• The prediction of future behavior using data shape – regression analysis
• Linear, polynomial, exponential and power curve fits
• The dangers of over-fitting
• Data end effects
• Goodness of fit (sum of square error – SSE) and R2
• Evaluating equations, solving equations, and using Solver
• Correlation and causality

Data Driven Methods and Analysis of Variance

• Non-deterministic system
• Data driven methods
• One step ahead future prediction using data science (multivariate correlation)
• Single factor analysis of variance (ANOVA)
• Two factor analysis of variance
• A demonstration of artificial intelligence – the travelling salesman problem

Amongst a wide range of interesting topics, the following will be prioritized:

• Fundamental Statistics
• Info-graphics Techniques using Excel
• Basic of Oil and Gas Data Mining and Representation
• Frequency Analysis
• The Importance of Regression Analysis in Oil and Gas Companies
• Confidence Interval
• Hypothesis Testing

Introduction and Descriptive Statistics

• What is Data Analysis?
• A reminder of elementary statistics and compensations for small sample sizes
• A Quick-start Tutorial for Excel
• Describing Data Sets using Statistics
• Representing Data Sets Graphically
• How to create Info-graphic in Excel
• How Info-graphics Data Presentation compares to the Traditional Methods

Frequency and Time Series Analysis           

• Frequency of Occurrence
• Histograms
• Pareto Analysis
• How Excel Dashboard is Different from Info-graphics
• How to combine Excel and Power Point for Creating Info-graphics
• Time Series and Trend Analysis
• Estimation Theory and Its Relevant to Oil and Gas Data

Scenario Analysis, Confidence and Six Sigma

• Modelling Scenario and their Application in Oil and Gas Companies
• Interactive Spreadsheets
• Confidence Intervals
• Usefulness of Control Chart for Oil and Gas Companies
• Error Bars
• Online Tools for Creating Info-graphics
• Practical Creation of Info-graphic using real Data

Regression Analysis Equations and System Modeling 

• Simple Regression Analysis
• Polynomial Curve Fits
• Describing Data Using Equations
• Prediction
• The Applications of Regression to Oil and Gas Companies
• Analysis Of Variance (ANOVA)
• Comparing Different Types of Info-graphics

The Info-graphics Creation and Critique

• Presenting Data Using Appropriate Reporting Style
• Practice Creating the Info-graphics and Its Presentation
• Focus on the Storytelling
• Overall Review of Concepts Learned and How they can be applied in practice