Over the recent years, we’ve seen how the oil and gas industry has weathered a flurry of challenges – from supply problems to logistical troubles to policy regulations. Backed by governments and major economic players, clean energy projects pose a major threat to the fossil fuel industry. This is further aggravated by the sluggish adoption of technology by O&G companies. Compared to other industries, the oil and gas industry lags in the adoption of new technologies.
Fortunately, organizations across verticals still have time to revolutionize their operations and future-proof their organization. O&G companies can boost their processes by assessing problems that limit productivity and exploring emerging technological advancements that can potentially solve these bottlenecks.
From artificial intelligence to blockchain, companies within the O&G industry now realize that to stay relevant and competitive, they have to embrace IT technologies.
Digital technologies are increasingly being adopted because they help streamline operations, improve existing processes, and make them more economical. Infusing IT technology in critical business processes and aspects has helped improved margins, ensuring regulatory compliance, and optimized worker safety.
For an O&G company to thrive in the competition, adopting new technologies and innovations is vital. Here we take a look at the top oil and gas IT solutions and technologies that every industry player needs this 2023.
O&G companies will rely more on IT to complete crucial tasks. With artificial intelligence, companies will use this technology to manage tasks and communicate. Some companies are now using AI to monitor and operate devices and machinery. This can greatly reduce operational costs and improve safety.
The Internet of Things (IoT) is highly advantageous for O&G companies. IoT enables companies to use connected hardware, devices, and machines that can be monitored, managed, and controlled remotely using the Internet. These IoT-enabled devices can even communicate with each other thereby boosting efficiency and optimizing operations. This also paves the way for cost-saving automation.
IT experts from a natural gas software company, stressed that edge computing will have a tremendous impact in the oil and gas field. With this technology, data analytics is brought right into the field where actual data is gathered. This can greatly improve tracking operational issues that can potentially hamper productivity or affect safety. Compared to existing systems where data is sent through on-premise or cloud servers, edge computing enables real-time detection of problems making response faster.
Constant monitoring of facilities and equipment is crucial to the safety and efficiency of oil and gas rigs. With electronic monitoring, companies will no longer depend on people to monitor and manage their facilities. These systems can provide a real-time update on the current working condition of certain equipment, inventory stock, and scheduled maintenance.
Alongside the increased dependence on IoT devices in oil and gas operations, the volume of data gathered, aggregated, and analyzed is expected to explode. Big data analytics enable O&G companies to handle and analyze a tremendous amount of data which is crucial in making informed decisions. This is important for businesses to thrive and succeed. Data analytics will not only provide insights on operations but also on industry trends, inventory supplies, costs, revenues, and profits. All of these tidbits of information can help O&G companies to improve their processes and increase profitability.
Gone are the days of trial-and-error in gas and oil exploration. Constructing digital models enables companies to simulate potential field operations and using data points to assess the potential outcome of planned activities. For example, when drilling new oil rigs, available geologic data and video footage can be used to predict potential safety issues. This can prevent wastage and even risk to workers and equipment. Likewise, 3D modeling enables O&G companies to visualize a new energy resource. Using existing data from similar sites, the exploration can be guided towards the most beneficial outcome.
IT technologies are becoming a necessity in almost every industry – and the oil and gas sector is not excluded. The latest IT technologies and software discussed above are vital to improve their operations and stay competitive. As O&G companies pour in huge investments in these technologies, every player must keep up with the trends.