Digital Transformation in Oil & Gas Industry
With this increase in hunger and erred in human nature, all humanity feels like a deer entering the lion's mouth without him doing anything, or simply we are heading towards doomsday. However, in this new trend of digitisation, undoubtedly it has emerged as a knight in shining armour, not just to save and help business proliferate but moreover the way it has grasped this industry of oil and gas, it is also advocating our mother earth’s survival. As the govt. and organizations are restricting the corporates as the deteriorating situations of the climate, in this oil and gas is the major contributor as many reports suggest it has a 42% share in global emission.
This transformation includes data analytics, robotics & automation, machine learning models and cloud computing. So, the solutions we provide proved to be an efficient carrier for this transition which could save up to 10% of the total spending in the upstream sector by the companies. Inclusion of digitalization is proved to be successful in other sectors including downstream of oil and gas also then why should the upstream sector remain behind. Many challenges are present in upstream and the introduction of automation does not solve all the problems instantly but it starts making the structural and basic changes to welcome the upstream sector in the 21st century. We provide solutions for every problem in the sector by digitalizing them that proved to be a precise solution.
In the current scenario industry, every department needs a digital solution like if we see the well planning teams, HSE team and maintenance team for all these real-time monitoring is critical to solve the issue and cure the upcoming issues. If we talk in the data aspect, we saw massive growth in the data in upstream in the last 10 years as the technology and methods improve like the data obtained from well logs, completion data, seismic data which generate many 2D and 3D images beneath the surface. This massive amount of data generation also creates the ruckus in the upcoming times, since according to many reports that 80% data at the end of this decade would be unstructured this will goanna seriously impact the critical decision making of the people working on the field. So, the inclusion of the data analytics in the industry can save the sector from entering in this unknown pit, our innovative solutions are proved to be very useful to find the needle in the haystack and help the engineers to mitigate their non-productive time.
One of the biggest hurdles or we can say the resisting factor in this path is the working personnels. There can be 2 reasons for that one is the compatibility issues for that they have to undergo the familiarization programs sometimes to get a better understanding of the solution and second is that some traditional jobs get in danger but they didn’t get that new one will form. We are not saying that every solution works precisely every time since each innovative idea fails several times but you can’t let it go as it needs to be correct only one time then success is worthwhile.
This new decade is destined to not only make the life of people topsy turvy but also the oil & gas prices which expose the conclusiveness of this industry, in this kind of ecosystem cost efficiency is paramount of the leading E&P companies to get the business back on track. In the forthcoming path, all companies are dedicated towards decarbonizing and it is attainable only with digital transformation without carrying any loss and converting to the sustainable business model.