IoT Allows for Better Data Collection, Processing, and Connectivity
IoT is a truly revolutionary concept for digital innovation in oil and gas. It allows facilities to maximize production, thus increasing profit and value, by keeping each piece of equipment connected and under condition-based monitoring.
Sensors in wells and choke values as well as maintenance drones are just a few examples of the IoT in the industry. With real-time analytics, each connected piece of equipment can be viewed and controlled remotely, mitigating future blowouts or issues with faulty equipment. And maintenance/surveillance drones offer improvements to time and cost when analyzing hard-to-reach or dangerous areas of a work site.
Most importantly, IoT helps companies maintain compliance through improved safety measures and asset management.
AI and Automation Increases ROI
Automating processes from all levels of operation through AI platforms leads to increased ROI. Predictive insights developed by AI allow companies to better develop production techniques that increase output.
The ability to rely on predictive models is a key driver for digital innovation in oil and gas. With machine learning capabilities, these platforms can automate complex processes while analyzing real-time operations and providing invaluable data that leads to safer work areas, optimal equipment function, and streamlined operations.
With more efficiency, companies can expect a higher ROI without risking investments, personnel, machinery, or invalidating compliance measures.
3D Models and Virtualization Improves Training and Maintenance
The cost of 3D modeling has decreased significantly over the past couple of decades. Therefore, using it as a driver for digital innovation in oil and gas is increasing in popularity in a number of ways.
On-site training is closely affiliated with workplace safety hazards. Increased complexity of equipment and production make maintaining compliance and safety when training difficult. But 3D printing or virtualization eliminates that risk. Trainees can use 3D models to learn before accessing the field.
3D printing also makes tools more accessible and cheaper to acquire. Many pieces of equipment are expensive and can be difficult to access when working in remote areas like an offshore oil rig. Using a 3D printer to print those tools or bits can create safer, more efficient work sites.
The State of Digital Innovation in Oil and Gas
In a survey conducted by IBV and Oxford Economics, 82% of oil and gas execs agree with the idea that digital innovation is necessary for a company in the industry to be successful.
Another report states that 88% of companies in the survey are undergoing changes to implement digital innovation in oil and gas, but just 25% of them understand what that means.
As one of the oldest industries still active and profitable, there’s no question as to why some organizations are hesitant to adopt digital innovations. But compliance management should not be part of those concerns, especially when using a solution from Accupoint Software.
To learn more about digital innovations occurring in the oil and energy sector, please feel free to contact us to discuss your organizational needs.