The oil and gas industry is working hard to enhance operational methods, adopt new business models, and accelerate digital transformation activities, all with the goal of increasing productivity, efficiency, and profitability.

Fremont, CA: The Covid-19 pandemic has exacerbated the oil and gas sector's already-existing demand-supply imbalance. As a result of the interruption, businesses have been forced to slash expenditures, including workforce and salary reductions. Competition from the renewable energy industry, which is expected to be worth $1.1 trillion by 2027, is another danger. The oil and gas industry must embrace digital transformation to overcome these upheavals and remain competitive.

Here are some of the technologies changing the paradigm of the oil and gas industry:

AI and data science

Big data and AI (Artificial Intelligence) can enable strong analytics systems to deliver insights for increased operational and managerial efficiency in the oil and gas supply chain, reducing interruptions. Advanced analytics mixed with cloud software can save a lot of money on infrastructure. Big data collected from costly devices on offshore drilling rigs can be utilized to predict asset maintenance and decrease failures.

Industrial IoT

Oil and gas leaks and damage can have serious financial and environmental consequences. IoT can provide effective monitoring of pipes, pumps, and filters in the system to avoid these leaks using real-time data. This eliminates unnecessary manual system checks, and staff is only dispatched when anomalies are discovered. Heavy machines placed in offshore drilling that are located in remote places with harsh conditions can benefit from IoT-enabled sensors that allow remote access to usage and maintenance data. Real-time data from IoT-enabled sensors can potentially be used to alter performance factors. As a result, real-time data is available at all times for precise measurements.

Automation

In the oil and gas industry, automating the closure process with RPA (Robotics Process Automation) can drastically cut closing time, reduce the danger of human error, and increase audibility. Procurement transactions can be automated using RPA to reduce cycle times and increase overall efficiency in oil and gas supply chains.