3 Technological Prospects to Steer the Oil & Gas Industry

A volatile market, the growing shift to renewable sources, and post-covid lifestyle changes have debilitated the oil and gas sector destabilizing the revenue streams. This has forced organizations to look at smart ways to lower their operational costs, a task easier said than done. But it is possible by enhancing the process efficiencies with technology and digital transformation. Many breakthrough technologies such as the Industrial Internet of Things, Artificial Intelligence, Machine Learning, Robotic Process Automation, etc., are now making their way into industries that are quick to adopt, giving them the advantage to remain competitive while overcoming disruptions. , 

Borrowing from the growth strategies of other industries, stakeholders from the oil and gas industry can and must revisit their long-term and short-term plans. They should clearly analyze current ways and weigh them against transformative strategies to identify areas where they can introduce such technologies to realize better returns.

Prospects for Technology in Oil & Gas Sector

In this blog, we offer insights on what new technologies are currently being adopted to realize the untapped and undiscovered potential and realize better efficiency and effectiveness as a whole. Expanding further on each of them, we also present the possible use cases that are better suited for the oil and gas industry in their current stages.

• Data Science and Artificial Intelligence

-        Data analytics: Hidden in the ever-growing amount of data are deep insights that can reveal the ideas to transform processes paving way for managerial and operational efficiency in O&G’s complex supply chain matrix.

-        Maintenance: Uncertainty looming over the failure of machinery can be avoided by shifting from reactive maintenance to predictive maintenance which can be achieved by analyzing the plant equipment data.

• Automation

-        Robotic process automation (RPA): RPA can help automate simple and repeating manual processes which otherwise wouldn’t need human assistance or would benefit from lack of it offering a major leap in improving efficiency.

-        Supply chain automation: Procurement transactions, tracking, and update often require less manual intervention, and hence RPA can take them over minimizing the cycle time and offering a significant advantage for supply chain managers.

• Industrial IoT

-        Asset and pipeline monitoring/management: IoT-enabled sensors can detect damage to the pipeline and other essential assets/equipment. While minimizing the need for physical inspections, it also prepares the maintenance teams to predict any possible pipeline repairs and asset overhauls to reduce downtime and plan for the same to plan alternative measures if necessary.

-        Remote access to refinery equipment: IoT offers the possibility of operating refinery machines and other equipment remotely to avoid human hazards while offering a chance to gain quick control of environmental parameters than must be altered to minimize process disruptions.

Despite the shifting perspective in the energy sector, the need for oil and gas as a major fuel source will continue for a significant time during which the business owners must identify and implement advanced technologies at the earliest. There are many combinations of these technologies which can be used to achieve greater cost-effectiveness. There are illustrated examples of such an impact in many other industries. However, creating such an intricate network of advanced technologies to drive efficiency at optimal cost can be quite complex to manage. The plants, refineries, and other related operations will require the right technological platform to host and operate.

Understand the shifts in market trends and quickly align by adopting the right technology offerings. Your delay in making the digital transformation can cost you just as much as not adopting it. Learn and leverage to gain the cost and revenue advantage over your competition.