| | AUGUST 20166E ERGYTech ReviewWith crude oil prices hitting record low day after day, the players in the oil and gas industry today are placing a huge emphasis on boosting the production efficiency and cutting costs. Technology plays a key role here, addressing the choke points and driving efficiency across oil and gas value chain. It can help maximize oilfield recovery, eliminate non-productive time, and integrate profitable workflows. Although the basic technologies to deploy a digital oil field are already available, the rapidly changing landscape is presenting unique challenges and opportunities. While, it was all about instrumenting wells and facilities with sensors and devices to obtain usable production data in the recent past, today's challenge lies in developing simulation and optimizing workflows that ingest massive incoming data, process it, and recommend actions to decision makers--in real time. The innovations in data science are helping petroleum companies build new types of production models, and enable the technicians predict system behavior in advance--contributing to the overall efficiency. A slew of new advances in the technologies, including IoT, mobility and 3D printing are further ushering much required transformations into the sector. For instance, IoT is helping oil and gas companies track and trace processes to manage complex schedules while mobility is helping enhance collaboration and quick responses among field workers. 3D printing is helping create safer and more robust tools and spare parts to increase the life of offshore assets. Further, with drones, and smart robots, the field workers can safely carry out hazardous tasks such as inspecting pipelines, and flare stacks. The possibilities are limitless.As digital oilfield technologies are not only expanding to encompass every aspect of operations and engineering, they are also making inroads into an organization's functional discipline, from accounting and finance to executive management. The technologies are converting oilfields in to digital companies, by centrally managing information pertaining to acquisition, development, production, and disposition assets. It will help build an environment where the financial impact of every technical decision becomes transparent to all stakeholders. These transformational abilities of digital technologies is driving fervent adoption from the oil and gas companies, propelling the growth of global digital oilfield market, estimated at $30.78 billion by 2020, according to MarketsandMarkets. In this scenario, our goal with this special edition is to highlight companies that offer best-of-breed solutions to digitally enable oil fields. This edition blends thought-leadership from subject matter experts with real stories on what selected vendors are doing for their clients, including exclusive insights from CIOs and CXOs.EditorialReinventCopyright © 2016 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof. E ERGYTech Review AUGUST - 2016, Vol 06 - Issue 09 Published by ValleyMedia, Inc. To subscribe to Energy Tech ReviewVisit www.energytechreview.com SalesRich Gonsalvesrich@energytechreview.comVisualizersScott JuasyManaging EditorCharlotte SmithE ERGYTech ReviewEditorial StaffAaron Pierce Ava GarciaVian IsaacJoshua Parker Kenny Peruzzi*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffCharlotte SmithManaging Editoreditor@energytechreview.com
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