After the recent recovery from the downturn of 2014-16, the oil and gas industry has slowly picked up the pace due to stability in prices and consistent growth. This has led to an increased usage of advanced technologies within the oil and gas sector. The adoption of oil and gas technology solutions has resulted in a few major developments that have benefited the industry.
These oil and gas IT solutions include applied artificial intelligence, big data analytics, electric monitoring, virtual reality, and drone technology. This blog explores how each of these technologies contributes to the betterment of the oil and gas industry.
Let us begin with artificial intelligence.
- Artificial Intelligence
Artificial intelligence is one of the most notable developments in IT solutions for the oil and gas industry. There is a vast potential for applying AI, automation, and data science in this industry. AI-based oil and gas technology solutions are being used from surveying facilities, monitoring machines, forecasting, and improving safety to solving complex upstream, downstream, and midstream operations problems.
AI-enabled platforms that can make insights-based decisions from predictive, prescriptive, and cognitive analysis help petroleum engineers and oil and gas industry managers discover and implement new exploration and production ideas on the field to increase ROI. Furthermore, autonomous robotics and autonomous system monitoring can help replace humans from high-risk environments such as offshore rigs or production facilities.
With sufficient R&D in this area and the cost benefits of automation, AI is set to become one of the major oil and gas technologies in the next decade.
- Big Data Analytics
The oil and gas industry produces large volumes of unstructured data daily. For instance, data from 3D seismic surveys and oil drilling and production data. Data analysts can use big data platforms to derive insights from this data for better decision-making. Getting crucial information about the industry trends, revenues, costs, profits, and inventory supplies helps companies stay competitive. It also helps with production optimization and ensuring the safety of reservoirs. In addition, data derived from previous operations can help train and test AI-driven algorithms and models for enhanced performance. As a result, the industry reduces operational costs and carbon emissions in a significant way.
- Internet of Things and Electronic Monitoring
Internet of things (IoT) is an extension of internet connectivity with multiple hardware devices. With this technology, oil and gas companies can gather data from sensors placed inside wells, blowout preventers, and choke valves that communicate with other devices in real-time on the internet. This allows companies to gather real-time data on pipes, storage, transportation, machinery and improve production, equipment optimization, remote area monitoring and ensure workers’ and employee safety.
Oil and gas companies can adapt real-time drilling strategies and decisions based on comparisons of real-time downhole drilling data and production data from nearby wells. This type of data collection can enhance productivity by 6-8% (Bain and Company). This enhances the bottom line and eliminates the need for the physical presence of workers from hazardous sites for inspection.
- Drone Technology
One of the most exciting and trending IT solutions for the oil and gas industry is drones. These are flying objects programmed to perform certain tasks such as monitoring and photographing oil and gas facilities and carrying small objects to pick and drop. As drones are used more commonly, oil and gas companies can complete quicker evaluations and inspections, giving faster and more comprehensive scans of facilities in real-time.
Augmented and Virtual Reality Technologies
Immersive technologies such as augmented reality, virtual reality, mixed reality, and extended reality can boost efficiency and reduce errors by showing real-time information about equipment, tools, and parts. For example, exploration and production companies in the oil and gas industry deploy reality solutions for remote monitoring, downhole imaging, and virtual training. Some oil and gas startups combine virtual and real environments to enable human-machine interactions using wearables and smartphone alerts.
These oil and gas technologies and solutions are set to drive the growth and development of the oil and gas industry.
The oil and gas industry is one of the most important industries of the economy. With increasing demands for safety and maintenance, companies in this industry are becoming more reliant on technology. The most important IT solutions for the oil and gas industry, such as AI, big data, and IoT, are to help companies improve their operations and stay competitive in a demanding environment.