Integrating that operating model is just one piece of the puzzle. Petroleum and drilling engineers do not typically have the skills needed to use advanced analytics in order to process data. At the same time, data scientists are seldom trained in petroleum engineering, geology or other specializations of the oil industry.  For that reason, Bertocco said, drillers must integrate teams of oil engineers and professionals with data specialists, as well as information technology staff who can manage the third and final piece: a technology platform that allows all decision-makers to access information.  Read MoreIraq, Iran and Libya are wildcards for oil: Expert  While exploration and production companies may lack the ability to process "big data" (click here for an explanation of what that means) the Silicon Valley firms that provide data infrastructure do not always understand how to apply advanced analytics to the oil industry, said Sashi Gunturu, founder and CEO of oilfield analytics firm Petrabytes.  "These are all scientific problems, so you need a good workflow rather than an app or a product line," Gunturu told CNBC.  He noted that the issues drillers face align with the "three Vs" of big data: volume, variety and velocity.  Prior to drilling, companies are dealing with large volumes of data as they perform seismic studies on many potential well sites. During drilling, they are taking in a wider variety of data. Once the oil is pumping, the velocity of information becomes an issue as producers must process reams of constantly streaming data.  Read MoreSome tech firms winning while oil is falling  Few drillers are analyzing huge volumes of data yet, but many are piloting advanced analytics programs. The future benefits could be significant, especially for the companies that operate in high-cost basins, such as North American shale and tar sands producers.  If energy firms can make new drilling much more efficient, they could achieve the holy grail—reducing the break-even price of a barrel of oil, said Surge Ventures' Coburn.  Coburn believes a lasting shift toward greater technology use in the oil field will happen when younger executives take the reins, but he said drillers may expedite tech purchases now that oil prices are about 50 percent below their June highs.  "When oil prices were high, it was a nice-to-have," he said. "Now it's becoming a have-to-have."
The energy industry's failure to use the data it collects means it's not as efficient as it could be, leaving money on the table.