A volatile market, the growing shift to renewable sources, and post-covid lifestyle changes have debilitated the oil and gas sector destabilizing the revenue streams. This has forced organizations to look at smart ways to lower their operational costs, a task easier said than done. But it is possible by enhancing the process efficiencies with technology and digital transformation. Many breakthrough technologies such as the Industrial Internet of Things, Artificial Intelligence, Machine Learning, Robotic Process Automation, etc., are now making their way into industries that are quick to adopt, giving them the advantage to remain competitive while overcoming disruptions. ,
Borrowing from the growth strategies of other industries, stakeholders from the oil and gas industry can and must revisit their long-term and short-term plans. They should clearly analyze current ways and weigh them against transformative strategies to identify areas where they can introduce such technologies to realize better returns.
In this blog, we offer insights on what new technologies are
currently being adopted to realize the untapped and undiscovered potential and
realize better efficiency and effectiveness as a whole. Expanding further on
each of them, we also present the possible use cases that are better suited for
the oil and gas industry in their current stages.
Data analytics: Hidden in the
ever-growing amount of data are deep insights that can reveal the ideas to
transform processes paving way for managerial and operational efficiency in
O&G’s complex supply chain matrix.
- Maintenance: Uncertainty looming over the failure of machinery can be avoided by shifting from reactive maintenance to predictive maintenance which can be achieved by analyzing the plant equipment data.
Robotic process automation
(RPA): RPA can help automate simple and repeating manual processes which
otherwise wouldn’t need human assistance or would benefit from lack of it
offering a major leap in improving efficiency.
Supply chain automation: Procurement
transactions, tracking, and update often require less manual intervention, and
hence RPA can take them over minimizing the cycle time and offering a significant
advantage for supply chain managers.
Asset and pipeline monitoring/management: IoT-enabled
sensors can detect damage to the pipeline and other essential assets/equipment.
While minimizing the need for physical inspections, it also prepares the
maintenance teams to predict any possible pipeline repairs and asset overhauls
to reduce downtime and plan for the same to plan alternative measures if
Remote access to refinery equipment: IoT offers the possibility of
operating refinery machines and other equipment remotely to avoid human hazards
while offering a chance to gain quick control of environmental parameters than
must be altered to minimize process disruptions.
Despite the shifting perspective in the energy sector, the
need for oil and gas as a major fuel source will continue for a significant
time during which the business owners must identify and implement advanced
technologies at the earliest. There are many combinations of these technologies
which can be used to achieve greater cost-effectiveness. There are illustrated
examples of such an impact in many other industries. However, creating such an
intricate network of advanced technologies to drive efficiency at optimal cost
can be quite complex to manage. The plants, refineries, and other related
operations will require the
right technological platform to host and operate.
Understand the shifts in market trends and quickly align by
adopting the right technology offerings. Your delay in making the digital
transformation can cost you just as much as not adopting it. Learn and leverage
to gain the cost and revenue advantage over your competition.