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Oil and gas companies relying on digitalisation for diverse use cases
In recent years, the oil and gas industry has progressed from using digital technologies for select use cases to making their entire processes digital. Certain technologies—such as AI, blockchain, cloud computing, the Internet of Things (IoT), robotics, and virtual and augmented reality (VR and AR)—are now part of their daily routine. Field personnel are extensively using handheld devices, including phones and tablets, to gather data, make notes, and communicate with their team. These changes are aimed at cutting down the inefficiencies in workflows that would translate into lower costs and improved productivity. There is also the challenge of overseeing the vast infrastructure to prevent accidents or unplanned shutdowns. Operational risks are also reduced due to a lesser need for human intervention in hazardous environments, which is a very important advantage of digitalisation.
Besides monetary benefits, the adoption of digital technologies is also expected to deliver intangible value in the form of emission reductions. The reduction of methane emissions is at the heart of the global initiative of decarbonisation. Drones are being used to monitor methane emissions in the industry and AI can be used to determine effective strategies to mitigate methane emissions from daily oil and gas operations— and these efforts are in line with the ESG objectives set by international agreements such as the Paris Accord. Such actions could be further reflected in the investments in future oil and gas projects.
A recent poll from GlobalData in June-July 2024 indicated that companies were deploying digitalisation to lower their operational emissions. With worries over climate change increasing every year, managing emissions has become critical for the industry. Sensors and data analytics enable companies to develop early warning mechanisms for potential faults in the infrastructure and help detect leakages.
What challenges are oil & gas companies looking to solve with digitalisation?
Source: GlobalData Surveys, GlobalData Thematic Research, Digitalization in Oil and Gas. ©GlobalData.
As digital technologies are not a core area of expertise for oil and gas companies, the challenge of having a workforce with essential skills remains a key concern. Technicians with dual expertise are rare. Moreover, with increased technology deployment, the risk of data security goes up and incidents, such as the Colonial Pipeline cyberattack, are bound to happen if proper security measures are not put in place. Besides, there is cost-benefit uncertainty around retrofitting ageing assets with connected technologies. However, some of these challenges can be overcome through collaboration with technology experts and regular training on cybersecurity awareness (among other measures). Industry participants are already doing this with oil majors, such as ExxonMobil and Chevron signing long-term partnerships with Microsoft. These would help companies navigate through the technology pitfalls and make further progress in digitalising their entire operations.
Further details of oil and gas companies and their adoption of digitalisation can be found in GlobalData’s new theme report, ‘Digitalization in Oil and Gas’.
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