Digital oilfields offer an opportunity for the oil and gas industry to address its operational challenges and enhance business productivity.
FREMONT, CA:Technology disruption in the gas, oil, and the chemical sector is powering the pace of change and generating a continuous stream of opportunities for companies. These advanced technologies are changing the way energy companies locate and drill for energy resources. Digital oilfields are already making deep inroads among the top players in the energy industry. Firms are using these modern oil and gas reserves evaluation technologies to ascertain the best drilling locations as well as to ensure the effective use of accessible resources. Here is more about how the digital oilfield is transforming the face of the oil and gas industry.
The digital oilfield is a concept that couples business process management in the sector with digital technologies to automate operations for accelerating productivity, reducing costs, and minimizing the complete risks linked with oil and gas operations. It can transform the sector by enabling the creation of a digital twin that replicates the operation of an oilfield on a computer. The digital oilfield boosts the sector’s attractiveness by combining operational technology and information technology, especially in case of a low oil price environment. In the recent few years, the adoption of digital oilfield has gained much fanfare due to innovations and advancements such as automation, sensors, and data analytics.
A massive deployment of digital oilfield can enable oil and gas companies in enhancing operational efficiency, data integration, productivity, decision support, and workflow automation. Further, it aids in achieving productivity gains via improved reservoir understanding, remote observation of drilling and completion operation, as well as logistics and supply chain management. With a digital oilfield, companies can have a stream of data with them, and they only require funneling and orchestrating this data into something that makes sense. With this data, decision-makers in the sector get a support framework that turns operational decision making into a simple task.
There are some challenges linked with digital oilfield deployment. However, with a reliable IT infrastructure, enterprises can make the process simpler and improve their business and operational efficiency.