A key part of analytics in the oil and gas industry is evaluating opportunities at different locations. Space is always present when looking for profitable development projects. We usually look at the already in production wells and try to find some spatial trends. To stay competitive, we need to find better ways to access the data of different areas and its wells. For instance, we can transform the spatial information to compact objects that store the location and shape of each well and lease. These objects can be feed to different calculations and analyses as geometries. For Spotfire, it also has some advantages, you can use the feature layers of the map chart. In this case, we can visualize the leases as polygons and wells as lines.
When building a Multiple Linear Regression model, we want to limit the correlation between predictor (X) variables. Luckily, Spotfire has a tool that makes identifying the correlation (called multicollinearity) effortless. I will walk you through the tool, and you can see the resulting template here.
- Have you ever wondered if there is a difference between creating calculated columns via Transformations versus the Insert menu?
- Have you ever worried about breaking things when changing data types?
- Have you ever worried that changing a column name might break your file?
- Have you wondered whether it matters if you change column names with Edit column properties or transformations? Is there a difference?
- Have you always wanted to understand what all of the transformation options do but aren’t quite sure about the menus?
- Do you want to learn more about the pivot transformation?
- Do you need to aggregate tables?
- Do you need to transform rows to columns or columns to rows?