oil and gas business

How Technology is Changing the Oil and Gas Business

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The oil and gas business is no stranger to gathering and analyzing data.

But while other types of industry might only now be reaping the benefits of such data collation, the oil and gas sector are very much ahead of the curve. Not only is this business enjoying the benefits of such research, it is being changed and improved by it.

But how? Read on to learn why this particular sector is thriving thanks to the use of new technology to improve operations within the industry.

A Brief Background

For many years now, companies specializing in sources of energy have used data analysis to work out how they can progress and grow.

Many sectors can’t (or won’t) base their bigger development decisions on this data, however. This is because, as helpful as the research can be, it’s not enough of a solid foundation on which to make major changes.

But oil and gas businesses are changing this. This sector is gradually upgrading its digital analytics and data collection tools. And, as a result, this will offer the potential to make big decisions using this direct information.

All Change

Because of the developments in this particular industry, the oil and gas business is set to leap strides ahead of other sectors. These leaps are set to include savings when it comes to cost, as well as major movement in revenue. The methods in which things are made is also set to make waves.

Unit cost savings of 10%, for example, have been charted by one integrated oil company thanks to their digital operations center offshore. The company – Statoil – has aims to up their production value by using digital remote centers in Norway by more than $2 billion from 2020 to 2025 (pre-tax).

At the end of 2017, Statoil launched a USA-based operations support center to watch over the company’s 1100 onshore wells. The idea behind this is to stop a problem before it arises.

One of the major benefits of using external digital technologies like this is to ease companies into this new way of working.

How Does the Future Look?

The use of apps such as greasebook is bound to be on the increase now that these digital trends are taking off in the oil and gas business.

Digitalization in this sector is ever expanding and will continue to develop the way operators and suppliers work both independently and together going forward.

If digital solutions continue to drive the sector then this will bring more advanced technological innovation to the industry.

But those in the business must also be wary and understand that, while change is good, it must be prepared for and adapted to.

The industry has been a steady and reliable one for years and years and could easily waver a little under the new impacts of digital data. This means that the established powerhouses and industry giants must be open to the new ways and seize them. Collaboration is key.

The Oil and Gas Business: Leading the Way

Digital trends such as the use of apps and the aforementioned remote monitoring will continue to progress the sector. These systems look to become even more commonplace as time moves forward.

The next step is fairly simple. The industry needs to roll with the developments and to not let these changes become detrimental.

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