Wednesday, 18 May 2022 10:25

Leading oil and gas companies are tapping into digital technologies to improve productivity and profitability, says GlobalData

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Digitalization, which involves the adoption of digital technologies such as artificial intelligence (AI), big data, cloud computing, cybersecurity, the Internet of Things (IoT), and robotics in day-to-day oil and gas operations, is enabling the industry to improve productivity and profitability by streamlining operations and cutting costs, says GlobalData, a leading data and analytics company.

According to GlobalData’s report, ‘Digitalization in Oil and Gas – Thematic Research’, digital technologies can deliver actionable insights for an oil and gas asset and help companies to reduce their capital and operating expenditures.

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Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “The adoption of digital technologies in the oil and gas industry has been previously hindered by the shortage of skilled technicians, concerns over data security, and cost-benefit uncertainty for adapting aging assets. However, since the technologies have the ability to transform the industry and create a synchronized ecosystem to meet future energy demands, an increasing number of oil and gas companies are upgrading their assets with digital technologies for long-term gains. 

“Minimizing equipment downtime while enhancing operational performance remain key focus areas for increasing company revenues. There is also a growing emphasis among producers on digitalizing workflows to enhance operational visibility for improved decision making.”

Leading oil and gas players are increasingly collaborating with technology vendors in a bid to develop custom digital solutions that address their needs. For instance, TotalEnergies has collaborated with IBM to develop predictive drilling analytics to aid precision drilling. Similarly, Equinor has developed and deployed its digital twin, Echo, in its North Sea operations by leveraging its exploration and production (E&P) expertise in the region. Concepts such as digital twins and predictive maintenance are increasingly being modified to suit the different use cases of the oil and gas value chain.

Puranik concludes: “Digital technologies are improving the oil and gas industry by streamlining processes and creating new frontiers for operations. These technologies are well suited to tap new hydrocarbon deposits, boost operational efficiency, and reduce methane emissions.”

  • Quotes provided by Ravindra Puranik, Oil & Gas Analyst at GlobalData
  • Information based on GlobalData’s thematic report: ‘Digitalization in Oil and Gas – Thematic Research
  • This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors. PR15654

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