Digital Oilfield-Changing The Future Of Oil & Gas Industry
While technology has touched all walks of life and brought about massive changes, the oil & gas industry is no exception. With the advancement of technology, oil & gas industry is undergoing a massive transformation. Just like every field, this industry is also being driven by a powerful combination of technologies like Cloud Computing, IOT, Artificial Intelligence, and so on.
The operation of oil and gas companies takes place in a highly volatile set up these days. The decreasing oil prices have reduced the revenue generation and hence, the industry is operating on low-profit margins. In such a scenario, the only solution to overcome the challenges is setting up “digital oilfield”.
What Is Digital Oil Field?
To put it in simple terms, digital oil field can be described as an environment where the oil field’s real-time data is fed and supervised by computers, located away at the monitoring stations. This is known to be the most rapidly growing areas of research in the oil and gas industry. Digital oil field also means an increased focus on the objective of the oil company rather than just the IT infrastructure.
Though not many companies have adopted the digital oil field concept, it offers a myriad range of advantages for the oil and gas companies.
- Data communication- We are in the age of advanced communication and one need not be present for communication to take place. And Digital oil fields are doing the same. They use wireless networking and high-speed communication as the means to exchange real-time information from the oil field. With the help of digital oil fields, information can be delivered in real time, aiding the managers to take quick decisions and minimize the losses caused by the communication gap. This can lead to improved productivity and increased profits.
- Reduce the cost- Digital oil fields reduce the chance of an unexpected asset downtime and the subsequent repair cost involved. This is possible due to the ability to monitor the effects, preventive, and predictive maintenance schedules of the oil fields on the basis of the previous usage patterns and information. Thus, companies can undertake the repair and maintenance in advance and avoid a major asset failure and hence save on the cost.
- High-risk wearables-Digital oil field improves the monitoring of employees working alone in remotely located and high-risk areas. With the help of such vigilance, it is possible for oil and gas companies to prevent “man down” situations. This can be achieved with the use of wristbands, head-mounted displays and badges to detect falls, measure the levels of drowsiness, and heat exhaustion, and so on. The workers also can be made to feel safe and looked after, thus improving their productivity.
- Cloud Access- Digital oil fields are based on the latest technological developments and thus provide a secure library for storing plan drawings, schematics, supplier part catalogs, and much more. What’s more? All the stored data can be accessed 24/7 from anywhere and any type of mobile device. This totally eliminates the need for workers to carry loads and loads of physical materials from one place to another. This can also save time, as workers do not need to travel to an office location to get access to important working papers.
- Asset Tracking- Digital oil field also improves transparency in terms of the mobile assets. It helps to track where the assets are going, what they are being used for and so on. The data can also be of help in providing utilization statistics that can help in taking a decision in respect of asset lease versus the buy decision. Also, it can assist in finding opportunities to divest assets at the right time.
The benefits of digital oilfield are innumerable and this has led many oil and gas companies to enter the digital league. Investing in the digital oil field is assisting the companies to reduce the cost and make faster and better decisions. The transformation from conventional oil field to digital has provided oil and gas companies with various tactical and strategical solutions. Some of its inclusions are centers linking the ideal minds to greatest issues, visualization, and optimization in terms of aid in quick decisions and insights.
With more and more oil and gas companies using the power of engineering solutions to improve the overall oil production, a chest of benefits has opened up for everyone. The way, in which technology is driving this industry and giving it a new face, it wouldn’t be an overstatement to say that Digital is the new oil.