Digital technologies help the oil and gas industry to lessen capital expenditures and slash operating costs.
Over the past couple of years, the petroleum industry had to steer through a rough ride after a long run of rig counts, mega capital expenditures and ample capital to support investment. In fact, the oil companies that had to estimate forecast were decelerating or halting operations.
Today, technological advancements are being introduced at every stage of oil production, right from analyzing potential drilling sites, pipeline construction, project operation, and organizational procedures.
The oil executives are implementing digital technologies to alter operations and create additional profits from existing capacity. With the help of digital technologies, they can lessen capital expenditures and slash operating costs.
That said, all of us are poised for a digital age that could slash costs, improve productivity, and performance by a good margin. As a result, the oil and gas industry will be in a good position to capitalize on growth opportunities.
Here are few technology-enabled solutions reaping dividends in this industry:
Advanced Analytics for the Oil and Gas Industry:
Advanced analytics is being used to alter functions like procurement and support for augmented decision making. In fact, the latest technologies, such as drones and equipment sensors are transforming monitoring and upkeep. At the same time, advanced analytics has the ability to improve energy efficiency by a good margin.
4-D seismic imaging:
By assimilating digital applications, companies have been able to improve their reservoir limits considerably, leading to decrease in upstream and downstream capital expenditures along with ancillary benefits. For instance, companies have started to use 4-D seismic imaging to add time-lapse dimension to traditional 3-D imaging, allowing them to forecast fluid changes in reservoirs. This augmented view increases recovery rate and boosts revenue oil and gas industry.
Digital-enabled marketing and distribution:
Retailers from other industries have used digital technologies to comprehend consumer habits and choices and manage supply chains effectively. That said, oil companies are using these same methods to increase revenue. For instance, geospatial analytics helps executives to increase the efficacy of their supply and distribution networks via location planning and route optimization. All said and done, it reduces cost and increases revenue.
Developments in seismic technology are making an impact in hydraulic fracturing and predictable drilling practices. Seismic technology gives information about what is in the rock, measuring its thickness and depth.
Engineers have used sensor technology for deep offshore drilling to improve analyses of rock foundations. Whenever drilling continues, imaging technology finds cracks in the rock that drillers can use at the time of fracturing. At the same time, they can map the new cracks.
As the Oil and Gas Production Software undertake a digital transformation journey, cloud computing will prove to be a forceful engine. The volume of data utilized by companies through the automation reduces operational cost and risk. Cloud computing empowers field workers to optimize production.
Web-based software solutions:
Web-based solutions are used to increase organizational efficiencies. The field agents input notes of a meeting with a landowner by typing or through voice-text. Also, they upload photographs on site. Ample tasks are finished on the field.
Isn’t that undeniably cool?
The best part is that the field agents continue to update project material in the field and the file is synced to the server once connectivity is restored.
At the same time, they are able to progress with exploration and development, without scaling down facilities. That said, oil producers are in a better position to manage operating costs efficiently.
All said, the above technologies will also help to augment well profitability in the oil and gas industry!