Time series analysis using soft computing technique could be an interesting area... Else u may go from some engineering problems like cutting edge methodology for the same.
Time series (weather, rainfall etc..) modeling and prediction using soft computing techniques (Neural network, Evolutionary Computing, Support Vector machine etc...) is a good area and has practical applications.
We do have a data mining research group focusing on the area of unconventional oil and gas. It is a very interesting area with one big problem. Most of the oil companies won't share their info with you unless they are making sure that they won't go public or you should search for publicly available data. It makes it hard for the research entities to work on this. However, as a company you could sign confidentiality agreement with them and then they would release the data.