The advent of the information age has been transformative— industries ranging from media, textile, automobile, among others, have all changed their operating practices & business models to adapt to this emerging process. Traditionally, known to rapidly deploy new technologies, the oil and gas sector, however, is yet to fully realize the potential of Deep tech.
Information Age in Oil & Gas sector:
Under pressure due to decreasing oil prices, increased competition and an uncertain outlook for future oil prices, the oil and gas sector has been trembling and the operators have struggled to weather an unprecedented industry downturn. Thus, the companies, of late, have been moving towards digital solutions as a way to optimize their existing operations.
With capabilities such as integrated asset management, allocation, optimization of processes through data analytics and automation of oilfield assets, the digital solutions, also referred to as advanced analytics, are being considered as an answer to counteract negative industry trends.
To help optimize production in the Oil & Gas sector, ACSG Corp, a Critical Infrastructure Analytics Company, develops customized analytics software solutions, which also create new opportunities in the industry – reducing costs, improving returns, lowering risks, among others. The customized analytics tool developed by ACSG Corp also secure the edge in the Oil & Gas sector by prioritizing industrial assets and up to date inventory— thereby, enhancing operations and performance.
Similarly, vendors like Wipro have been closely working with O&G companies to provide AI & data analytics solutions to help businesses tap into avenues of growth. Through their AI and automation platform, Wipro Holmes helps companies gain operational and business insight – for optimum performance.
Not too long ago, McKinsey reported that most oil and gas operators have not maximized the production potential of their assets, where shortfall comes to about 10 million barrels per day. Thus, predictive maintenance is being considered an alternate solution to help O&G sector enhance its production capacities. By leveraging Machine learning, GE Digital, a subsidiary of General Electric, offers Predix, that could help businesses create automated analytics models – to predictively maintain industrial equipment.
Nevertheless, unlocking the full value of a digitized oilfield would need an integrated platform that necessitates coordination and adoption in technologies throughout the O&G value chain, as a full digital integration demands a large capital investment and industrial expertise.