digital technology in oil and gas industry

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March 19, 2018

An EY study of the performance of 365 oil and gas megaprojects (projects with a proposed capital investment of US$1 billion) around the world found that 64% faced cost overruns and 73% reported schedule delays. Technology and data are critical, but not the hardest part. Also, connectivity to the components and equipment provides real-time monitoring and adjustment capabilities. View All. But according to Geoffrey Cann, author and adviser on digital strategy and innovation in oil and gas, digital technologies are actually well-positioned to impact oil and gas operations in … Digital twin is key to digital transformation of the oil and gas industry 9/6/2018 The concept of Digital Twin is not new and it has been around for more than a decade. Oil and gas companies that respond to the ongoing industry volatility by investing in sustainable digital capabilities will be tomorrow’s winner. / How Digital Technology is Reshaping the Oil & Gas Industry Despite technological advancements, oil and gas companies have been slow to seize the opportunity presented by digitalisation. The oil and gas industry is ‘always-on’ and has long been defined by the legacy systems that help it to function. Some of the principle digital … At Equinor’s Johan Sverdrup field, digital twin technology is helping to optimise operations at a field that will account for up to 25% of Norway’s total offshore production. The industry as a whole has a spotty track record when it comes to capital discipline and megaproject delivery. 2. Oil and gas companies must make the leap from the digital oilfield as it was designed and implemented almost 10 years ago and adopt practices to position themselves for the future. The World Economic Forum also performed a detailed analysis of digital transformation in the oil and gas industry. One particular concept we have seen emerge across the oil and gas industry within the last decade is the digital oilfield, which refers to the real-time automation of operations through a combination of business process management systems and complex information technology, to ensure the simple management and tracking of the data. The oil and gas industry will feel the effects of digital technology both directly in the business and indirectly through the adoption of digital technologies in other sectors. The oil and gas industry is no different; full digital transformation will revolutionize how we supply energy to the world. Their report suggests that the oil and gas industry stands at the threshold of a new age. Digital trends in the oil and gas industry Digital technology can help oil and gas companies reduce costs and improve efficiencies by making faster decisions and increasing workforce productivity. Digital Twins and Oil & Gas 4.0 - Key Benefits. The oil & gas industry has historically relied upon rudimentary paper-based technology and really had no need to think outside of the box because companies were … [1]However, in last … Theme Description The IEA estimated, in the“Medium-Term Oil Market Report 2016”, that oil demand will increase from 94.4Mbbl/day in 2015 up to 101.6 Mbbl/day in 2021 with a mean annual growth of 1.2% dragged by Asia and Middle East. These factors are more important than ever given current global oil prices. What is the future of the oil and gas industry? Cavendish plans to make Future Oil & Gas the go to event in Europe for technology collaboration for operators and oil service companies alike. According to industry sources, using drones for inspections can result in efficiency gains up to 33 percent, and up to a 50 percent reduction in inspection costs. Four years later, prices have recovered, hitting record levels in the United States. ‘Digital Technology Trends in the Oil and Gas Industry’ explores what some of the key digital technologies that will shape the future of the o il and ga s industry may be over the next decade, including artificial intelligence and automation, big data and analytics, drone technology, 3D virtual modelling and more. As digital replica modeling tools, digital twins support a digital culture of "fail fast, learn quick" by providing the perfect testing ground for innovative new ways of working. The traditional Oil and Gas Industry is being transformed by a new wave of digital disruptive technologies. By using drone technology, oil and gas companies are benefiting from a reduction in hazardous working hours. As in any other industry, oil and gas companies need to stay on top of current technology in order to stay competitive. Developments in technologies such … Oil and Gas Industry Innovation Through Digital Technology Primer 2019 Published: 07 February 2019 ID: G00375733 Analyst(s): Rich McAvey, Simon Cushing. Introducing new digital technologies should help oil and gas companies simplify processes rather than add complexity. Accenture's energy consulting services in the oil and gas industry can help you company thrive in the digital world. The adoption of digital oilfield technologies allows oil and gas companies to create a ‘digital twin’ that replicates the performance of an oilfield on a computer. From upstream to downstream, oil and gas organizations are turning to the cloud to reduce operating cost, streamline processes and drive efficiencies. Digital twins have been deployed across the Johan Sverdrup oil and gas project. Multinational companies, such as BP, Shell, Chevron, and Equinor are the leaders in enabling digital oilfield at some of their newer fields. With this new technology — and the major advancements sure to come — the oil and gas sector is poised for unprecedented success. Digital continues to disrupt existing (or new) business models, products, services, systems or experiences, enabled by data and technology across the enterprise. The oil and gas industry is entering a new era of digital transformation and smart technology during a time when reducing costs is essential to survival. Contact @587-830-6900. Summary The race to achieve breakout performance via digital innovation has begun. For over a century, oil and gas has played a vital role in the economic transformation of the world, but the industry … Digital technologies are helping almost every industry rewrite its operating landscape, and the oil and gas industry is catching up. Events like Future Oil & Gas shows people how the workflow works, which helps to demystify digital transformation, enabling more people to be open to it." In their latest whitepaper on the topic of Digital Twin technology, Emerson discuss the considerable benefits of digital replica tech for the oil and gas industry. Digital Technologies The oil and gas industry has been using digital technologies since 1960s, especially in the upstream sector, with the aim to better understanding the geology of the oilfields, increasing production and safety. To most industry outsiders, the pace of digital transformation for oil and gas companies may seem glacial. Digital Transformation in Oil and Gas, According to the World Economic Forum. Secure digital technology can connect producers and consumers with common sources of information to achieve better operational efficiency. Cost, streamline processes and drive efficiencies technology and data are critical, but not hardest... 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