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How Oil & Gas Companies Are Leveraging Emerging Technologies

How Oil & Gas Companies Are Leveraging Emerging Technologies

Tech-enabled asset management holds key for oil & gas upstream industry, says GlobalData

While the oil & gas sector began looking out for new technologies, adoption has historically been sluggish to go beyond operations. It is now attempting to make up for lost time and businesses are buckling up in terms of investigating and implementing new technologies. The timing seems ideal for digitally-enabled efforts to generate growth in this environment where the world is uncertain. As the sector tries to address its bottlenecks, companies expedite their adoption of technologies like AI, IoT, and analytics to make maximum gain with scanty losses.

GlobalData’s latest report, ‘Data is the new oil: how tech transformation can fuel efficiencies in oil & gas’  focuses on how the oil & gas sector is incorporating the use of emerging technologies to drive innovation and march towards a massive transformation.

 

Overview of Report: 

  • Theme Exposure: Presents the top themes impacting the sector over the last three years compared to other sectors.
  • Innovation Map: key real-world innovation use cases of emerging technologies implemented by enterprises and startups in the sector.
  • Innovation Insights: innovation examples by each value chain segment of the sector to present key trends.
  • Vendor Map: represents a sample list of vendors in each use case highlighted in the report.

Regardless of the asset type, the need of the hour is to implement emerging technologies to optimize oil recovery and maximize output, says GlobalData, a leading data and analytics company.

Abhishek Paul Choudhury, Disruptive Tech Analyst at GlobalData, comments: “Oil & gas companies are increasingly adopting intelligent automation and other digital enablers to synthesize large amounts of data and derive useful insights to ease complex field activities that have defined the upstream value chain. IoT technologies coupled with AI algorithms are in action to screen and discover optimal acreage options, improve subsurface modeling, and enhance drilling performance.”

Convergence of emerging technologies for predictive asset maintenance

US-based energy company KBC co-launched an AI-powered predictive maintenance system with domestic software company OLI that integrates KBC’s Petro-SIM simulation abilities with OLI Alliance Engine. The combined software solution creates a digital twin, which integrates the IoT and AI of entire assets across the system to help with real-time predictions on corrosion, scaling, and fouling for upstream oil & gas players.

IoT-enabled remote oilfield monitoring

American oilfield equipment supplier ‘Sensorfield’ developed IoT-based remote monitoring solutions to provide real-time, round-the-clock operational data of the oil wells. The solutions were developed to withstand the harsh weather conditions and leverage tech advancements to provide real-time data and alarms for tank levels, pressure and flow rates, compressor health, and location security.

AI-augmented production optimization

Equinor developed a machine learning model to analyze mud-gas data to predict the gas to oil ratio of wells as they are drilled. It is written in python and can be embedded into existing commercial petrophysics software. As it happens in real-time, it can act as an alert system when drillers are tapping into uneconomic pay zones.

Mr Paul concludes: “As global oil & gas operators look to 2022 budgets, they must balance investor expectations to grow volumes and revenues. This can only be mapped with judicious upstream technological adoption that can not only keep downtime at bay but also help explore the function’s true potential to improve yield sustainably while avoiding hazards.”

This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.

 

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5G Integration In IIoT Systems Accelerates Industry 4.0 In The Wake Of Pandemic

5G Integration In IIoT Systems Accelerates Industry 4.0 In The Wake Of Pandemic

The integration of 5G in Industrial Internet of Things (IIoT) systems will accelerate the realization of Industry 4.0 with high-speed, low-latency, and large-volume data transfer. This, according to latest research from market analyst Frost & Sullivan. In its report, Frost said while the application of 5G-enabled IIoT is currently limited to quality inspections, supply chain management, and generic machine control, key system manufacturers are actively exploring other areas in industrial operations where the benefits of 5G connectivity can be leveraged for process optimization and increased automation.

“Incorporating 5G in IIoT devices will enable low latency, increase data throughput, and reduce operation time, thus leading to improved overall process productivity,” said Mogana Tashiani, Frost & Sullivan Technical Insights Research Analyst. “Apart from enhancing the automation of industrial operations and control, 5G-enabled IIoT devices can also minimize the complexity of supply chain networks and warehouse management, helping businesses to efficiently operate in dynamic business environments.

“5G will play a key role in ensuring the sustainability of businesses in the wake of the COVID-19 pandemic. The low latency will aid in managing the high traffic to e-commerce by improving network accessibility at a faster pace, accelerating online purchases and order placements. Furthermore, 5G-integrated IIoT devices have the potential to disrupt traditional on-site job functions through remote working and virtual meetings. COVID-19 has led to a massive shift to remote working to maintain business operations on par with on-site job operations.”

The automotive manufacturing industry is one of the key sectors that can leverage the growth opportunities from 5G’s integration into IIoT. 5G facilitates data transfer among AI algorithms, sensors, and mechanical parts to navigate self-driving or autonomous vehicles.

In addition, 5G-enabled vehicles establish a connected system in which real-time data transferring and receiving can be achieved conveniently and effectively. Apart from vehicle-to-vehicle communication, interaction with traffic system is possible with 5G technology, which enables data transmission beforehand to achieve practical navigation for certain road conditions.

 

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