digital technology in oil and gas industry

Advancements in technology, the falling cost of digitalization, and the connectivity of smart devices provide a real competition-beating opportunity for oil and gas companies who play the digital revolution right. Theme Description The IEA estimated, in the“Medium-Term Oil Market Report 2016”, that oil demand will increase from 94.4Mbbl/day in 2015 up to 101.6 Mbbl/day in 2021 with a mean annual growth of 1.2% dragged by Asia and Middle East. Oil and Gas Industry Innovation Through Digital Technology Primer 2019 Published: 07 February 2019 ID: G00375733 Analyst(s): Rich McAvey, Simon Cushing. The oil and gas industry is ‘always-on’ and has long been defined by the legacy systems that help it to function. At Equinor’s Johan Sverdrup field, digital twin technology is helping to optimise operations at a field that will account for up to 25% of Norway’s total offshore production. Introducing new digital technologies should help oil and gas companies simplify processes rather than add complexity. Author: Giovanni Franchi-Chemical Engineer – PhD Student –University UCBM – Rome (Italy) 1. When prices for oil fell by 75% over 20 months beginning in 2014, the industry was forced to modernize. Digital solutions supporting this new approach are crucial to transform the oil and gas industry so it can succeed today and in the future. The oil & gas industry has historically relied upon rudimentary paper-based technology and really had no need to think outside of the box because companies were … The traditional Oil and Gas Industry is being transformed by a new wave of digital disruptive technologies. As in any other industry, oil and gas companies need to stay on top of current technology in order to stay competitive. Technology and data are critical, but not the hardest part. In their latest whitepaper on the topic of Digital Twin technology, Emerson discuss the considerable benefits of digital replica tech for the oil and gas industry. Though coined in 2002 and applied by NASA for its space missions since 2010, the concept’s popularity in the business world is a recent phenomenon. But according to Geoffrey Cann, author and adviser on digital strategy and innovation in oil and gas, digital technologies are actually well-positioned to impact oil and gas operations in … Digital continues to disrupt existing (or new) business models, products, services, systems or experiences, enabled by data and technology across the enterprise. Digital twin is key to digital transformation of the oil and gas industry 9/6/2018 The concept of Digital Twin is not new and it has been around for more than a decade. Applying digital technology in ways that deliver real value and address fundamental operational needs is more effective than investing in technology for its own sake. Digital trends in the oil and gas industry Digital technology can help oil and gas companies reduce costs and improve efficiencies by making faster decisions and increasing workforce productivity. Geoffrey Cann is an independent adviser and consultant for digital transformation. / How Digital Technology is Reshaping the Oil & Gas Industry Despite technological advancements, oil and gas companies have been slow to seize the opportunity presented by digitalisation. Digital Transformation in Oil and Gas, According to the World Economic Forum. With this new technology — and the major advancements sure to come — the oil and gas sector is poised for unprecedented success. 2. Digital technologies are helping almost every industry rewrite its operating landscape, and the oil and gas industry is catching up. Digital Technologies The oil and gas industry has been using digital technologies since 1960s, especially in the upstream sector, with the aim to better understanding the geology of the oilfields, increasing production and safety. Learn more. For over a century, oil and gas has played a vital role in the economic transformation of the world, but the industry … Four years later, prices have recovered, hitting record levels in the United States. Oil and gas companies must make the leap from the digital oilfield as it was designed and implemented almost 10 years ago and adopt practices to position themselves for the future. The digital twin framework enables operational excellence by helping oil and gas operators and owners take a model-focused approach that quickly turns massive amounts of data into wisdom that generates business value. Advantages of drones in the oil and gas industry And as they adopt the latest big data, IoT, AI and machine learning technologies, they’re accelerating their ability to innovate. View All. Digital Twins and Oil & Gas 4.0 - Key Benefits. According to industry sources, using drones for inspections can result in efficiency gains up to 33 percent, and up to a 50 percent reduction in inspection costs. Cavendish plans to make Future Oil & Gas the go to event in Europe for technology collaboration for operators and oil service companies alike. Some of the principle digital … These factors are more important than ever given current global oil prices. One particular concept we have seen emerge across the oil and gas industry within the last decade is the digital oilfield, which refers to the real-time automation of operations through a combination of business process management systems and complex information technology, to ensure the simple management and tracking of the data. Developments in technologies such … An EY study of the performance of 365 oil and gas megaprojects (projects with a proposed capital investment of US$1 billion) around the world found that 64% faced cost overruns and 73% reported schedule delays. By using drone technology, oil and gas companies are benefiting from a reduction in hazardous working hours. From upstream to downstream, oil and gas organizations are turning to the cloud to reduce operating cost, streamline processes and drive efficiencies. Multinational companies, such as BP, Shell, Chevron, and Equinor are the leaders in enabling digital oilfield at some of their newer fields. ... Accenture and Chevron Win Innovation Award for System That Uses Digital Technology to Improve Worker Safety in Crane Operations 2019 recognition. Contact @587-830-6900. Summary The race to achieve breakout performance via digital innovation has begun. Oil and gas companies that respond to the ongoing industry volatility by investing in sustainable digital capabilities will be tomorrow’s winner. Digital twins have been deployed across the Johan Sverdrup oil and gas project. As digital technologies make deep inroads into the oil and gas industry, the concept of a ‘digital twin’ is coming under the spotlight as a significant driver of business value. He has 30 years of industry and consulting experience advising the oil and gas, energy and technology companies to help create lasting value. The World Economic Forum also performed a detailed analysis of digital transformation in the oil and gas industry. The oil and gas industry will feel the effects of digital technology both directly in the business and indirectly through the adoption of digital technologies in other sectors. ‘Digital Technology Trends in the Oil and Gas Industry’ explores what some of the key digital technologies that will shape the future of the o il and ga s industry may be over the next decade, including artificial intelligence and automation, big data and analytics, drone technology, 3D virtual modelling and more. Accenture's energy consulting services in the oil and gas industry can help you company thrive in the digital world. The adoption of digital oilfield technologies allows oil and gas companies to create a ‘digital twin’ that replicates the performance of an oilfield on a computer. To most industry outsiders, the pace of digital transformation for oil and gas companies may seem glacial. The industry as a whole has a spotty track record when it comes to capital discipline and megaproject delivery. As digital replica modeling tools, digital twins support a digital culture of "fail fast, learn quick" by providing the perfect testing ground for innovative new ways of working. Their report suggests that the oil and gas industry stands at the threshold of a new age. The oil and gas industry is no different; full digital transformation will revolutionize how we supply energy to the world. The global digital transformation market in the oil and gas industry is poised to grow by USD 33.89 billion during 2019-2023. [1]However, in last … The oil and gas industry is entering a new era of digital transformation and smart technology during a time when reducing costs is essential to survival. Also, connectivity to the components and equipment provides real-time monitoring and adjustment capabilities. Secure digital technology can connect producers and consumers with common sources of information to achieve better operational efficiency. What is the future of the oil and gas industry? 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