Technological advancements are enabling the oil and gas firms to address risks and challenges associated with operations.
FREMONT, CA: Despite the emergence of various renewable energy sources, the oil and gas industry still accounts for most of the world’s energy generation. While critics may contest the utilization of such fossil fuels, the fact remains that without them, our cars would stop running, and we won’t be able to meet everyday energy demands. Oil and gas is one such conventional energy source that powers the various aspects of the current energy needs. However, there is complexity involved in the production of oil and gas, and the industry is vulnerable to a number of risks and challenges. Here are some of the key risk mitigation tactics that can streamline the oil and gas industry.
Technological advancements are transforming nearly every aspect of the petroleum industry. The insights gained from various devices and tools serve as actionable insights for decision-makers. The insights enable the decision-makers to reduce risk through better decision-making capability. However, the data generated from disparate devices may fail to present the holistic view of the risks involved in oil and gas upstream and downstream processes.
Thus, it is essential for firms to integrate the insights gathered from various sources and utilize them for data-driven decision-making. For instance, a common platform that offers deeper insights and accuracy in seismic surveys, geologic studies, instrumented drill strings, and other geophysical and production data sources can offer drilling engineers the information needed to offset risk in planning and drilling.
Further, oil and gas firms can have a better insight into the processes if they chose to integrate visualization into their risk management systems. Firms can use software tools to integrate a wide range of data sources and use them for 3D and 4D visualization and analytics purposes. The above capability will enable the engineers to gain an immediate visual summary of the subsurface conditions.
The above strategies aid the oil and gas firms in streamlining the operations and address the vulnerabilities. Thus, firms are increasingly leveraging technology to manage the risks and challenges involved in oil and gas production as well as the distribution phase.
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